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Ohio State journal and register (Columbus, Ohio), 1839-02-08

Ohio State journal and register (Columbus, Ohio), 1839-02-08 page 1

os-iao htatk lo'ntXAi an i register. VOLUME 29. COLUMBUS, OHIO, FRIDAY, FEBRUARY 8, 1839. NUMBER 30. ADVERTISING. Twslve lines or less, one Insertion,.... 90 60 . m 11 h throe..." I 00 .mm ii men additional inssrtion :..d tS . . u it it three months, 3 00 '.i ti ii tii monthi, 6 00 w it w twelvemonth!, 8 00 Longer advertisements In the tame proportion it the above. A deduction or twenty per eenu, (on the etceet,) when the amount aiceede twenty dolltrtin ill monthi. All Advertisements thould be marked on 'heir face with the umber of Insertions desired, or they will be continued till order ud out, and charged by the Insertion. No responsibility for errors In legal Court Advertisements, beyoad the amount charged for their insertion. ' YI1RLV ADViaTISlMO. One-eighth of a column, (aiiout 15 lines,). ... ... .lit 00 . Onsfourth i. , ID 00 ' One hair. , 25 00 A full column 40 00 Any Advertiser eiceeding the amount engaged, to be charted for the excess, at the first rate above mentioned. 1CTMi letters relating to subscriptions inust.be addressed, (postpaid,) to tlie Puiusiiaas. SENATE OF THE STATE OF OHIO. SPEECH OF MR. GREEN, - On tin bill to prohibit the tuning and circulating of imall noitt, in Vummutee oj me jr fluff. Jahuiht 23, 18.19. Mr. GREEN moved to strike out the third and fourth eectiona of the bill. Mr. Gbobh having called on the chairman of the Committee on IS miks and the Currency, (Mr. Tod,) to give hii opinions on the question! of law and expediency involvcd in the bill, and that gentleman having declined opening the debate, he proceeded to addresa the committee as follows: I regret, Mr. Chairman, that the Senator from Trura bull (Mr. Tod) hue declined complying with my re From his position, at the head of that comn quest. charged with the investigation of all subjects connected with the banks and tho currency, and the fact, that he is in favor of the passage of tho bill, we had a right to ask his opinions upon it. And tho high character as a lawyer, which I am informed he enjoys at home, forbids the idea that ho has not investigated and sutislied himselfof his right to voto for its passage. I havo briefly stated to him my objections to tho mcasuro; they ore: 1st. That it is in violation of the constitution of the United States and of this State 3d. That it involve! a fin-arrant broach of good faith on the part of the State, and is uicidal in it! policy. 1 have, therefore, required of Dim that, Uelore he asks my vote, ho should give me the bonclilofhislights on tho subject. He has declined do-inir tot but added that. " whenever sny argument ad vanced! by me shall have staggered tho faith of any of ms own political Jncndt, in the constitutionality or expediency of the measure," he will then vouchsafe a reply. Ii it so, then, sir? Doci the gentleman desire the 'lav votes of nono on thii floor, save those he clainia as his political friendi t Are we to undentand that thii bill la brought in horo, not aa a measure based upon the broad principles of wholesome legislation for tho general good, but as one of mere party aim and scope t that it has been concocted in the " third branch" of the General Assembly, (familiarly known a! tho " Tinpnn,") and is to be carried by tho votes of thusc only who consult and obey the oracle that presides over tho deliberation! there) I presume it is eo. But tho gentleman will pardon mo, if I gently rebuke him lor doing injiis-tice to his political associates. His remark implies doubt of their faith. Sir, ihey will not falter more than he ) the same feelings of duty, lh same looking forward to consequences of revolt, which will keep him cloee to the track, will restrain them from flying it. If, then, this be the only motivo ho can una (or speaking, he may spare his labor and his breath. We are to infer, then, that this is a parly measure. Agreed; I am willing so to treat it. The great question involved hore is, nothing lees than the omnipotent power of the Legislature to repeal charters! in other words, to violate contract! to which the State is a party, it is the most alarming and dangerous doctrine among the heresies of the day; it strikes at the root of society, throws open the door to an illimitable axercise of legislative power; and brenka down all the safe-guards which the laws havo thrown around property. Viewing it in this light, I am gratified that the gentleman declines asking my aid, or the aid of those with whom I act. Ho shall have the glory of perpetrating this violenco upon the constitution, dcrjiite the combined efforts of his political opponents. A Whig vote would not pluck one leaf from the laurel on his brow, though it might show the fascination of power in seducing man Irom their duty. 1 mink, nowever, i may venture io assuro him, that hia distinct avowal of the cliaracltr of thia measure was unnecessary to put every Whig upon this floor upon bis guard. 1 he priuciples ol this lull arc of themselves suilicicnt to invite tho opposition of that party, whose pride it is to support the constitution, do-lenu the sanctity of vested rights, and preserve inviolate the public faith. Sir, I protest against it! In behalf of the people in behalf of the honor and dignity of the State in behalf of the laws 1 protest against it. 1 will not sulfur the committee to rise, until 1 have given the reasons for my protest. 1 shall give them not fur thia body; I have no hope nay, 1 will not go so far I will say, I have little expectation of winning back any of the gentleman's politicalfriendi from the error of this thing; but I desire that those who sent mo hero shall know that I was not sleeping on my post, when the citadel was assaulted; that 1 was on tho wall and gave the alarm. before I proceed to tho discussion of the questions directly growing out of the bill before you, 1 shell ask to be indulged, tor a few moments, whilst I advort loan other subject, which, alter what wo havo just hoard, will not be considered aa entirely irrelevant. It haa been the aim of the pruaaes and stump orators, who sustain the present administration of the Government, to identify the Whig party with what they cull the fraudulent practices of the bauks: because we were not willing to lay the Vandal hand upon rights guarantied by contract, and insisted that, for alleged abuses, offenders should be tried according to law, and not by inynewmodo of legalised lynching, w were charged with conniving at, and suetaining, fraud and corruption. We ahall be denounced, I know, for opposing this bill, No. I, as we are informed, in the chapter of "6anJk reform." Let it be so. We prefer duty to lempoiary applause, eves if it were to be gained by an opposite course in this matter. My convictions are, however, that the people will sustain us; those " sober second thoughts, seldom wrong, and always cflicicnt," aro bringing thotn to a true understanding of the issue which certain leaders have made up for them. It is a false issue, and they be- frits to see it. Asa part of the scheme, to divorl the pubic mind from their own doings snd aims, it haa been the effort of our opponents to charge the Whig party with being in the interest of the bauks, snd aiding them in their alleged imoroner practicoe. And this sasertion waa the theme of all the local and traveling orators of the last Tall campaign. As mere stump acclamation, it was worthy only ol slump refutation; but it has been repeated by those having stntion and authority; and has risen into something more oi importance, i me dim bi. fects the rights of bank corporation!; and, as I oppose it, a proper occasion presonts itself here to snswer snd refute these imputations. It will be remembered that, upon s former oceaslon, the Senator from Monroe (Mr. Walton) was pleased to denounce Ilia conduct of the majority of the last session for suppressing inquiry into the fraudulent practices of the bauks. I then promptly, from my place, repelled the charge ; and promised, upon a proper occasion, to examine it and show that it was unfounded in feet. Siuce thon. tho same grave charge has been repootrd by an. other gentleman elsewhere; and it hie gone forth to the world, that the Whig members of the Inst session "prostituted the interests of the people st the shrine oi the Dank, by refusing an investigation into tneir irauumeni ? radioes." Sir, 1 pronounce it now, as formerly, an un-ounded calumny, unworthy the great political party tint have used it; a calumny which has had its day, snd done its office in the laat electioneering campaign ; end ought now to be cast aside among the tmitorWiy things of ihe pail. Hut, ns it is still considered worthy a plncu in tho recollections of gentlemen, and of sufficient importance to be brought again to their aid in eking onl sot speochca, I shall take this oeeasion to redeem my pledge, given on a lormer occasion, to prove that it is untrue. Let us to Ihe proof, then. On tho 7lh of December, being the third day of the last session, the senator from Chninpaiim I Mr. Jnmos) presentud for the considerstion of the .Senate, a resolution directing the Auditor of State to call on the hanks of thii Stale for information touching the condition of their affairs, nnd propounding to uuv iii-iuutions cerium inic milrinones, eleven in number. This will be found on Senate Journal, page 18. The resolution was laid en the table in order to ho orinl ed. On Ihe 1 Ith of December, Mr. James called up his resolution, when the Senator Iront Carroll (Mr. llioiup. son) offered an amendment, enlarging the scope of the inquiry, which wee, together with the resolution, again laid upon the table in order that the amendment might be printed t see same Journal, pages 3D, 31. On a subsequent day, ihe resolution and antendtnent wero taken up and referred to a select committee, composed of tho two aonltoiaen boforn.named : and. on the .3th ol December, the gentleman from Champaign re ported the resolution nnd amendment back to the Sen ate, and both were laid upon the table. On the 19th of December, the resolution snd amendment were-taken up, various amendments were made, and the resolution, as amended, was agreed to: see same Journal, page C3. The resolution, as finally adopted by the Senate, will be found in the volume of Legislative Documents of the last session: see Document No. 30.' -. - I have been thus particular in referring to the history of this reaolulion fur a double purpose: first, to show that ample time was afforded for reflection, for tho most deliberate action, on that subject; and, secondly, that no impediment waa thrown in tho way of any inquiry which the most astute suspicion might choose to institute. On the same day of its adoption here, this resolution went down to the House, nnd, on the 8let of December, it was taken up in that body, and agreed to without a dissenting voice. So much for the action of tho mnjorttyon a measure ori- f';inating with one of themselves. If it wasnotsufficiont-y searching; if it did not probe tho rottenness alleged; if it did not strike deep enough to drag to light the hidden frauds so much complained ol, where wore these guardians of the people's interests? Why did they not tVten propoie to givs to the investigation a form snd power that should lay bure to the public eye the enormities of these corrupt monopolies? They were here, sir; but for. their own rensons they wero not tltcn ready. I come now, sir, to the cause of all this clamor. And I will show you and the people of Ohio, that a mere trick was resoried to, for the purpose, I doubt not, of building up this fabric of aspersion. , On the 98th of December, seven days after tho pas-sago of the resolution I have been referring to, a gcntlo man, than a member of the lower Houso, from the county of Lorain, and a devoted supporter of tho party to which the Senator from Monroe belongs, ofTcrcd tho following resolution t " JUiolvcd, That a Solcot Cotr.mittco of five members, with power to send for persons and papers, be appointed to inquire whether any of the Banks within this Stale have violated their charters, and that snid committee be instructed to report to this House a bill to repeal all such Sank charters as in their opinions hare been violated, unless Baid banks shall resume the redomption of their notes nnd bills in gold and silver on or before the first dny of March next, and thereafter continuo to redeem their notes and obligations in specie as aforesaid, and consent that the snnio shall he secured by the direct liability of tho individual property of the stockholders." Sue Ifouso Journal, pages 153-4. Tho resolution was laid on the table to be printed. On tho 13th of January, the resolution was taken up, snd a worthy gentleman, and a sound whig, then my colleague from the county of Pickaway, (.Mr. Thrall,) moved to amend the resolution by striking out that part which gives to the committee power to send for persons snd papers, 4c, and insert in lieu thereof the following words' "with instruction to repsir to such batik or banks within thia Slate as there is just cause to believe have violated their charters, end make inquest of the fact." This amendment was not agreed to; and after somo further action, the question on agreeing to the resol ulion was taken and lost. Now, sir, it will be perceived on an analysis of this resolution, that it contains scvcrnl propositions, not one of which I am ready to show ought to havo been agreed to by that Houso. let. The committee proposod to be raised was not s Joint Committee. 2nd, It gave the committee power to send for persons and papers, to be brought here. 3d, It instructed that committee to bring in a bill to repeal nil the charters which in their opinion had been forfeited, unless lib, the banks should agree to resume specie payments by the 1st day of -March, and consent thut the stockholders should bo mode individually liable for tho Eaj ment of the bills or notes of the institution. I shall nedy expose these absurdities in theirordcr. 1st. The proposed resolution contemplated the action of the House only, wucrens it suouiu nave uccn a joint action. By the 34 in section of the act of lull's entitled "an act to incorporate eortain banks therein named, snd to ex tend the charters of existing incorporated banks," (ses Chase's Stat. 3 vol., page .ti,; ana umler which act most of tho banks of this State hold their present cor-oorote powers, it is provided that "the books, iinuors. correspondence and funds of each of the said corpora tions snail st sit times so sunject to tna inspection oi any persons who msy be sppointed by the Legislature for thnt purpose.1 And a similar provision will be found in most of tho bank charters granted sines. ' The "e- giiiofure," consists of s Senate and Houso of Repre sentatives the concurrence, tuereiore, oi ootn prancnea is necessary to the appointment of such persons, with authority to make such su investigation into the affairs of the hanks. 3nd. The Legislature had not ihe power to nuthurize tts committee to drag the oiheors of tho banks, with "their books, papers, correspondence and funds" to tho Seat of Government, for tho purpose of inspection. What would have beeu tho expense and inconvenience attending it, even if they had the power! Just imagine, sir, in the depth of winter, waggons loaded with the books and funds of the banks, slowly struggling along, here anil thoro sticking tnst in the mud, with a shivering Cashier or Teller at work with a rail, trying to set it in motion. At what time think you they could have arrived here, in order that this grand inquest might have been made into their books and specie? Aye, sir, their specie; forthey had on hand at the time of ihe proposition to sdopt this wise method of procedure, nearly $3,1X111,00:1, in specie, in their vaults. Is not the proposition too preposterous to admit of a supposition that it was conceived in good faith ! No, sir. The course contemplated by the law, and that which sincerity OI purpose wouiu unve uiciuicu, woutu nave been to send your committee to the hanks, and there "inspect their books, papers, correspondence and funds." 3d. The Legislature had not the power to pass s bill to repeal the charters of these institutions, even if they had been violated. Tho 44th section of the same sot (i Chase, page 9 '2 1,) provides "thnt the Supreme Court shall have full power and jurisdiction soon a writ ol ouo varranto to hoar snd detennins sll questions touching the violation or tortcituro ot charters, or extension ol charters or other privileges granted by this set or any subsequent act, and to adjudge the same to bo for leiieu, or otherwise, ns rigiu nun iiiiiico inuy reiiuiiu.-- . i ue Whig party, Mr. Chairman, nave ever been distinguished by their love of Inw, and obedience to its requirements. The law creating these institution-, had designated the tribunal that should sit in judgment upon forfeited charters. The penal laws of the oouotry srs designed aa well for the sccuritv of the accused aa the accuserai and as they eould not take sway from the meanest felon the right to a trial by jury, bcluro sentence of punishment Is pronounced, so they would not nsnrp the power to try ana condemn tne nanks cnargea wnn nnving incurred the penalties of the Inw, when the lew filing the penalty had also determined the tribunal that should hsvo power to impose it. 4th. The Hanks in Ohio, could not in jus tice to themselves nor the community of Ohio, hsve resumed specie payments by the 1st of Mnrch, unless tits banks in the hnstorn cities should by that timo have resumed. This, the lupportcn of that resolution should hnve known, waa utterly iinpiisrible ; or at lesst not in sny degroe probable, and whether they did consent to resume or not, it was an idle threat to propose to make the stockholders individually liable. Nav the proposition was worse than useless. It wss mischievous. It held out the fallacious iden that this penalty miglU be imposed upon the banks, if the majority wuuld consent to it. Now, those who made the proposition well know that a suspension to pay specie, worked s forfeiture of charter, absolutely, ouly m Ihe case ol one bank: the Life Insurance and Trim Company. In one or two nthor charters, it might bo trenteu as a forfeiture by the Legislature, after the foot hail been judicially ascertained, as in the case of the Dank of Ctreleville; but in majorily of the dinners the penalty for suspending specie pnvinents was li per cent, daiungca upon their notes, from tho time of euspension. They also knew that the liability of stockholders wae fixed by the terms of the charter, snd lhat no act of the Legislature could extend that liability. Hat they also knew thai the iviug pariy nolo it a caiumai nomine in iiiuk vici-u. that rights vested by charters are contracts guaranteed by tho public faith, and protected by ihe Constitution that holding this doctrine, nicy woutu, oi eourae, vnie down thia resolution, snd that vote might be used to ad-vantago bv their opponents. It won voted down, sir; and 1 say, in my lieurl, amen. I rejoice that my party dares to do right, lot Ihe eonscauonooo be as they may. The pssud consciousness of having dons our duty, is worth nioro than the temporary, yos, temporary, power of a majority on this Hour. This, then, sir, is a hialory of the facts upon which is founded the chsrge that the Whig! of the last session prostituted the interests of the people at the shrine of the banks, by refusing an inveatigntion into their fraudulent practice!. This is the snmo resolution, for voting down which, the mmes of honorable gentlemen have for the past rear been conspicuously exhibited with black Uses drawn around them in the official nman of the Van Buran party in this city, held up as objocta of indignant scorn as traitors to their constituents, snd meriting the traitor's doom. Mr. Chairman. I call on huaorable ffcnilouien here to riao above such nottv me- chincry to remember that they stand on Ihe floor of the Scnsto of Ohio. I demand of them, in vindication of their own honor, ss well an ihe character of their opponents, to cast on and disown such miserable trickery and to retract a charge ae unfounded as the eausus which originated it are unworthy. Mr. Chairman, consistency is a virtual but, like all virtue, it requires occasional sacrifices, which are inconvenient. "It is easier to teach ten, than be one of the ten, and follow mine own teaching." You have seen that the Whig party has been denounced for suppressing investigation, because they refused, illegally to compel the officers of the banks to bring their books, papers and money to Columbus last winter, to be oxaminedi snd because they would not consent to repeal charters. wnal, i pray you, are the Irientts ol tho people shout now? They havo oot the power. Where is this formi dable scheme of investigation, repeal and individual res ponsibility, over the dcleat of which so many patriotic groans were uttered last year? Have the banks ceased their frauds? Have they become solvent? Have they bowed down before the sovereign people? Oh, no! Day after day the halls of this building resound with high-wrought denunciation of these powerful oppressors of the people's rights. .Strange, then, thnt the exclusive friends of the people, snd enemies of monopoly, now, whon they might most thoroughly search, expose, ami punish the abuses of which they have so much spoken, should fold their arms and talk, aye, talk about it. Resolution No. l,of the Senate, offered by the gentleman from Cnrroll, (Mr. Thompson.) propounding some 39 interrogatories tolhe banks, after having been matured by t reference to the Currency Committeo, and consideration and amendment in the Senate, sleeps on the table. We who aro charged with a disposition to shun inquiry, have twice endeavored to call it up for final agreement, whilst those who sre the friends of inquiry have unanimously voted that it shall not be considered. Perhaps gentlemen are, waiting for lbs" report of the committee sent to the "Cantos Bank" ; and this reminds me that 1 have done ihcm injustico when 1 said there was no aerion, but all talk. Yes, sir; wc have adopted a joint resolution, appointing two of this body, and one of tho nouse, wiiu instructions to procccu to too r armors Dank of Canton, and examine and inspect 111 e bocks. papers, correspondence snd funds of the same, snd ro- port Ihe result lo tins tienerai Assemmy." now lights have broken in upon the minds of gentlemen.. It is now discovered that perhaps the little hank of Canton is the only one whose affairs are of sufficient importance todo-mund a Coinmitleo of Investigation.- But a further discovery is also made that if we desire to look into the affairs of even this little "tkating io," we must tend our committee there notwithstanding it is snid thnt tho Chairman might carry in his breeches pockets nil the specie in its vaults. But how is it, sir, that we henr nothing from tho friends of the people obout repealing Ihe charter of this bank? It is tho only bank in the Stato that has been unable lo pay its debts, dollar for nllar, Sir, I will leave tins suoject; it is humiliating nd although, it is one out of which much amusement may be drawn, it is at the expense of the character of the Htntc, wtucn is yet wortiistruggiiiigtooelenu. Mr. Chairman, the people ot Ohio arc honest and confiding ot times, too connding for their good, in the fnith of those of "much nrafession:" hut thev havo iood sense; and if for a season they arc deceived, they cannot always be gulled : when tliey hno they have boen Iritted ith, Ihey will not be long in applying the remedv. Ma joritiei are uncertuin things, now-a-days. 1 commend gentlemen to a nusunnuing oi ineir resources; lor wmcss ihe signs deceivo me, bcioro the second Tuesday of October, H'.I'.I, they will hear more of "Bank Reform" than ill be pleasinir to them. I have now, 1 think sir, shown thnt the party in power here last winter, havo been grossly misrepresented, when held up ss opposed to investigation. I lie ection proposed ny tne resolution ol Mr. riutitinru, sn whicn I liavo been commenting, was unconstitutional, unjust. snd absurd ; it would hove been resisted by the bnnke, snd there wss no power here to have onlorced it. 1 have occupied some timo on this subject, in justicoto nivself and mends, ss the people not understanding the lucts and law of the matter, have been led into crroncous-iin- firessions respecting it. 1 have no lear thai thoy will' ail to do us luslice. I pass now to the hill under con sideration. In the outset, I will remnrk, that personally, f have no interest in bnnks, being neither s stockholder, director, borrower, or endorser. 1 regard them only aa aseful, so long ss they set up to the end snd object of tbsir creation. As commercial institutions, affording sredits,.and acircutaling medium, by which moans the produce and manulnetures ol the country may be purchased and exchanged for those of other countries, tliey ore among tits greatest inventions ol the tunes, bo tar tneir intluenco unon the country haa been most salutary. When uu oast our ya around ns and behold the high degree of nationol wealth and power to which our country has arrived, thnt which to a strangcris so full of wonder, is to us most easy ol solution the whole secret liesin tlie en ergy and enterprise of our people, backed and aided for. ward by creau. Hanks hsve lor tho moat part turnished this credit, snd it may be fearlessly asserted,, that the history of commercial affairs, sinco commerce boonmo a part of the business of men, does not present nmorcolovn- ted example of integrity and intellieenee, than that af- tordea in tne banking system ot tne tinned states tor the past fifteen vcare. I shall not stop to disouss the causes of tho lale suspension of specie payments. Suffice it that those interested with the managomonl of bonks, were no more in fault than the government and; the people; The first havo, by their judgment, and prudence, and liberality, relieved tho last from thoir embarraaements, whilst the government folded its amis, and disclaimed all obligation to interfere. So far, then, as the banks aw connected with the welfare snd prosperity of Ihe country, I am their friend. If, howover, they have abused their powers, and wronged the people, tr iron's name punish them but do it sccording to Isw. Reform ihsm, until you have cut away all power of future mischief, if you can, but lot your reform be consistent with, the fundamental lawa of the land and public fsiih. I sin for ro form in evory thing that will aid the happiness and prosperity of tho people but I will he first satisfied that I am not doing more mischief than good, before I lay my hand to tho work. I oppose this bill, then, because,. however much ot "reform11 there maybe mil, and lor my part I eonfess I csnnot perceive any, it is an attempt to exercise power not constitutionally belonging lo the legislature. And Whatever msy do ine niiaomct to oe remedied by the suppression of small notos, it sinks into utter insignificance, becomes aa small ss III notes themselvos, when compered with that greater mischief,. the violation ol contracts sanctioned ay law anu guarsn teed by the great charter of our liberties. This theory of prohibiting (he circulation of small notes in Ohio, is worthy of remark, and il will1 he welh in look into its hiatorv to ascertain II anr legislation nna changed the rights of the banks or the powers of the Le gislature reapccting it, since the chsriers were granted. It will be recollected that the then Uovernor of Ohio, in accordance with the auggestion of the Governor of New York, for it wss then fashionable to inmate New York ae being the pnttern pur exrcfirnre of democracy, in 1H3j recommended to the General Assembly of Ohio the passage of a law for the suppression of small notes. And the Legislature, in accordance with ihst suggestion, did pass a law, entitled "an act lo prohibit the circulation of smnll bills." By lhat law il was provided that the Auditor of Stale ahonld draw on the banks in favor of the Treasurer of Stato for the amonnr of 40 per eenl. upon theirdividrnds: rrovidea, l net it sny bank ahould, under the hand of the propor officers, snd its corporate seal surrender ihe righl conferred by its charter to issue bills of a leas denomination Ihnn five dollars, the Auditor should draw on such bank for five per cent, only upon its dividends declared after such surrender. Tho second section imposed a penalty of not leas than ten times the amount of the note issued by any bank persisting after such surrender to issue such bills ss were prohibited. A convention of Ihe bnnks wss held sfter ihe naasage of Ibis law, and some of them did con sent to make the surrender required, whilst cxbsss refused so to do ; snd let me lomsrk that those who refused, have never, to my knowledge, been disturbed, or sny stlempt made to enforce the provisions of the law rulerred lo against them. The consequence was, as was apprehended and urged b)r those who opposed that niea sure, lhat a distinction, invidious and unjust, would thereby be created among the institutions of the Slate, producing no practice! good. As those banks rhnt refused to eom into the measure, furnished, together with the paper of other States, the circulating paper medium Bfilitav tiwt, dfjlnrs. ..1 r ' h This stala of things oontinoul until lbs last senion oi Ihe Legislature, when the subject was btoughl to the attention of that body under circumstances familiar to all. Tli country was suffering undor an extraordi nary pressure snd embarrassment in its moneyed allium. Tho bank! had luspended specie payments, commerce was depressed, credit psralyied. It was insisted lhat great snd general inconvenience was felt in ihe smaller traneaclisns for ths want of sums sireulsting medium. Specie could not be had ; snd its plsca wss supplied by a worthless currency composed of the notes of individuals snd onsulhonxrd corporations, in tht common psrlsncs of the day "lAm plmteri." Ths Legislature of New York, an the suggation of Governor .Marcy. had sus pended lbs uperatum of their law for the suppression of small notes, snd uio i,egisiaiuro ot irguua nad de nartrd from their ancient policy, and required of Ihi banks al that Slate to issue them. It wss contended that, in the absence of our own, Ihe paper of the banks of New York snd Virginia would flow in unon us. snd as s measure of defenoe and good policy, wo ahould prevent the circulation of the paper of other States, lo the exclusion ol that of our own institutions. In view of all Ihene considerations, ihe Legislature, on lbs 13th March, InSi, passed "sn act entitled an set lo rrpesl sn act lo prohibit the circulation of small bills." Ths first section of thst set repeals so much of the act of the 14th March, le)3bf Delore relcrred to, as restricts or prohibits the circulation of small bills. The second section provides that those- bsnks that had complied with the provisions of ths act of 18313, by filing with the Auditor ol Slate, a written surrender of the right to issue notes of a less denom-inatioa thsn five dollars, were thereby suthorixed to issue such notes, provided they should redeem the same in Secic when demanded st their cooutors in the ususl banking Hours, dec. Now, sir, it will be perceived that by this law, that of 1830 was not only repealed, but tho right which had been surrendered undor Ihe operation of ths act of IH.Ki, was fully restored. The specie proviso was immaterial, snd did not affect Ihe question. The banks were bound to redeem all their notesof every denomination in specie without any such proviso. How thon stood the caso? Jnesctot lain imposed a restriction, unconstitutional and inexpedient ss I contend, but which some of the banks thought proper to comply with. But this act was repealed, end the right surrendered, wot restored. There can be no doubt then, that ths ut af 1838 places all the banks, as well those that surrendered tinder the set of I83II, ss those that did not, ia the situation they occu-pied prior to the possago of the act lost named. Had the act of 1838 merely repealed, that of 1836, there would have been doubt. By our stetuto of 1809, the repeal of an act does not rovivu s former act repealed by the lot ter tho banka had surMadered a portion of their privileges, and the repeal of the law which compelled such surrender, would not hsvo restored to them Ihst which they hod given up. But ihe aerof 1838 goss further snd resloros lo them llio fight which hsd been surrendered. 'Hie question presented by the bill before you, then, may be treated as one of first impression, unembarrassed by sny legislation independent of the charters. But let us pause for a meiiunt,.and see how this theory has worked. Yon remember, sir, 1 offered s resolution some days since calling on the Auditor of State lo inform the Senate the amount of tax received on dividends of banks since 1835, whether Im lieddrawji on any bank in this Slate for the 20 percent, provided in the net of 1836; if it had not been Eiaid by such bank, whether any proceedings had been lad to enforce its collection; and what was the result. Thst resolution has not been answered, although the information sought bv it wss reouired to be furnished forthwith. I am told by the Senator from Monroe, (Mr. vvanon; aim ts was my piece to nave aitenuoa to tne mat ter and seciMiiat the resolution was not neglected. Sir, this is news to me. I had supposod that wlien a resolution ol enquiry was offered bv a Senator and adopted by Ihe Senatc,.it then became tlieir act, and that the olficer called aooutviMbnund lo.trc.mil respectfully and attend m it promptly. I have never before heard thai it waa the business of a membor of the Senate to dance attendance on the officer, the servant of the State, to see that he did his duty. I am not prepared to do so, if indeed Ihe dignity ol'iliis body has become so far prostrated by the establishment of such a. practice. The information, however, for some reason has not been furnished. I am, nevertheless, sirenabled to shew what I desired thisinformsiion for, without the aid of it. I desired to prove, sir, thnt tho pony who passed ihe act of 1830, fairly barked out from it in 1837. The Auditor of State, in pursuance of tho act of 183fl, did draw on certain banks that, had refused to surrender the right lo issue small notes for the M percent, tax provided by that act, and bisdrafia wmpmtctted. Thai officer brought tlie subject beforo tho Legislature, and it was referred to a com miltce of Ihe House of Representatives, of which Ihe gentleman from Monroe (Mr. Walton) was a member. That committee, by that gentleman, made a report and recommended that the Legislature recede from the law, and the Legislature did so, and on the 1st of April, 1837, adopted Ihe following resolution, vis: i Hctrikcd bi me General Jiuembly of Ihe State of Ohio, That the Auditorof State shall forthwith draw on the several-hanks of this Stste that bavenot vet paid the tax on their dividends, fur such sums as will be equal lo five per cenl. thereon, unless a rale of tax is named in their charier, snd in such esses when Ihe smount of lax is specified in tho charters, said Auditor is hereby suthorixed to drew for the amount due in accordance with such specification. Is this not backing out ?" Bub, sir, that there may be no mistake as lo the political: cliaracter of the General AsseniPiy mat adopted this resolution. I will inform gentlemen, that it ia authenticated by the signature of "William Medill, Speaker of the House of Representatives, snd Elijah Vance, Speaker of theSennte." Now, will you aak why the same political majority that made tho law, thus backed out from ir. Why, sir, Il sppesrs that tho oharter of the Commercial Bank of Cincinnati. provided that lhat bank should pay into the State Troa-sury a tax of 4 per qf st,a their dividends. The set of 1 iifi March, 1831, emitted "sn act lo tax Bonk. Insurance, and llridgo Cortiriaiileal" reouired the Auditor to draw on all tho baiits'ii, Stats for the amount of5 percent, on their etc,., ml" Under this Isw the Audi, lor drew on (h Pwifmereisl Bank in favor of the State TreoaatrVr n-WSbili',,The bank resisted it. Suit wss br.iu"':", and the Supreme Court decided: 1st. THwiu-V ii'bflthli'banii wss a contract. 9d. That the-fi" -t'.is smount of isx to lie paid. 3d. Tlsst i. - I osK so fsr as il imposed an additional tax waa unconstitutional, as il impaired '' "iMhot ihe additional 1 per cent, could jXienllrmcn will find this case in Till Reports. The gentleman from Monti in Ihe report referred to, whilst he n r for Ihe Legislature; and insists that (-;.. lf erred, nevertheless, sdvises that aa saw U at,-,s- jsiaejck ground, it would be useless to s4iwst sOvil.i- mtr-iuwiinf ,ths act of 183G. Thnt the bunks wouili'.vj lo resist il, where it would receiss i!w . . ,,etiun ss ths set referred 10 in the Commaai ia,: s. The Legislature adopt. cd the gcnllemau's advlsy said. passed the resolution just quoted. I commend gentlemen to the study of this history. This was the first act of this crusade against small notes. Yea sir, this very party ihst claim such omnipotent powers fur tho Legislature, snd fulminate such thunder occasionally sgainsl Ihe Court, having most valiantly marched up the hill to the charge against the banks snd their terrible small notes without fixing a bayonet or firing s shot, csine las "mil arms," snd marched most sensibly down tho hill again. Can ihey seo nothing In the catastrophe of aot 1st, which may give them siime idea of lhat which will befall act ihe 3d I What then is proposed by Ibis bill ? Thai a penally of $50 shall he imposed on any bank lhat shall issue s bill or note of less denomination than nvedollare, snd for the second offence, all injunction may issue to suspend all proceeding by the bank, until tho further order of Hit C'owri. . The question to be determined st the oulsel of the argument is, have the banks the right, by their charter, to issue these small notes. I answer, that with perhaps ons exception Ihst of the Ohio Insurance and Trust Conipnn)tlioy have. The act of 18 1 6, docs not, il is true, specify iho denomination of notes lhat the banks whose charters sre created, snd extended by that net, may issue; but the 33d section of lhat act provides that the bills, bonds, and notos of the ssid bsnks ahall be signed by tho President and countersigned by tho Cashier, and all such bills or notes as are made payable to any person or bearer, or bearer only, shall be negotiable by delivery, without endorsement, etc. Here, ihon.ia the righl lo issue notes or bills for circulation. At the time of tho passage of this set, the banks, whose charters were by 11 extended, were issuing notes of less denomination than Avo dollar. If the Legislature had designed lhat they should not enjoy tiita privilege, it was competent lor them lo have token it away. The set is silent on this point. Tho infereneo, then, is fairly deducible, thai such was not the intention of the Legislsiura. In ths bank eltartere granted in lt3l, tho right toitsuo these notes has been specifically given, until 1843, ss in Ihs case of 'the Bank of CirclcvilTe, which is authorised lo issue ones and threes. There can he no cavil on this point, The next question is, csn tho right lo pass this bill, limiting or restricting the bnnks lo sny particular denomin stion of issues.be clsimed by virtue of any reservation in any of the bank charters? I answer, no; there Is no such express reservation and il will not, I presume, be claimed. What, then, is ths power clsimed by this bill, and whencsis il derived?. It is nothing less Ihsn the right of ihs Legislsturc, without aid from any reservation io Ihe connect, to repeal a charter. 1 have, indesd, seen a lamo stlempt to cover the iniquity of the measure by ilia pretence tluu the act ienot a repual. but only nilrcttrain lug" of the chartered rights of the banks fur the "public good." Csn gentlemen point me lo Ihe difference in principle between rcttraininf under high penalties the exercise of a chartered right, not op account of any for' feitnrs or abuse, bo I on a suggestion of most doubtful expediency, and annulling the grant from which the right is dortvod f Tell me where this rsstraining power over the clearly and sxpresalv granted powers oi s cor poration begins, snd where il ends. Sir, it ends where it begins. In other words, if the righl exists st all, it has no limit. But the "puMie good" is lo bs the ruls lo govern its exercise. This is s most dangerous doctrine. Ths "public good" is ever the plea of those who dosire to usurp authority. It is the Hue and only correct principle on which legitimate eorufifufional legislation ran bs based. But when you leave the beaten path when yon tlcp out of the limits prescribed by the Constitution for legislates action beware how you "lay this flatter-in g unci ion Jo your soul." Ths "public nod" never can sanction the exentise of authority, which ihe publis will has not conferredthe public goodnevot oau sanc tify the perpetration of a private wrong. This is the aery virtue, ihs highest moral predicament of our theory of government. But let not gentlemen dodge the true question here. It is aqueetion of power of the power of annihilation. Gloze it as they may, to that complexion must it come at last. Let them, then, put away all subterfuge, snd come manfully op to the question st once. I know they hsve nerve lo face it, I will not suppose Ihey are ooverlly seeking to sccomplish whst ihey dare not now avow. I take issue with them, then, upon this greet question, snd I deny the right of the Legislature to lay hands upon one jot or tittle of power conferred by charter upon a private corporation, unless on the ground of forfeiture or abuse, and then only when the charter stipulates this righl. Sir, this legislative power of repeal I know is not s new doctrine in this country. It has found advocates of some note elsewhere, snd gentlemen, I eoncede, sre not without authority to sustain them. It is, I believe, one of the cnrdinal points of doctrine in the political creed of Fanny Wright, the modern "eenut of democracy." Yes sir, if it can fortify gentlemen in tneir faith, to know thnt this pure impursonstion of Radicalism, holds essentially the principle of power avowed in this bill, let them, in imagination, translate them-leivei to the Fark in New York. Let them imagine a great gathering of tfie "rabble rout," and in the midat, elevated above the heads of her admiring audience, stands their fair leader. True, ahe proclaims thai property is not for ths exclusive benefit of him who earns it t but ahould be mads common atock for the benefit of all. True, she talks of ths binding obligation of Ihe marriage contract aa a restriction upon natural freedom, and an worthy this enlightened sge. True, she sneers st the blessed truths of Revelation, and pronounces the Bible a humbug, invented lo further the ends of priestcraft. But be not shocked litten swhile snd you shsll hear her proclaim that the power of the Legislature knowe no limit but the "public good." That the idea of "vested rights" ia an absurdity. Thst corporate franchiaes are mere legal fictions, and may be taken away, whenever the supreme rule of action, "the public good," may require it. Thia worthy follower in the footsteps of her "illustrious predecessor," Jack (Jade, bas disciples elsewhere, in Pennsylvania, particularly, as worthy ss her self. I trust that ths soil of Ohio may never be polluted with Ihe foot of any apostle of this shame lo her sex. I regret, however, to find lhat one of her most cherished doctrines has found a resting place in the Senate of Ohio. The prineiple asserted by the advocates of the power of the Legislature lo repeal charters is, thsl one Lcgis isturs csnnot ooriuge tne powers ol s succeeding Legislature! and thst it is competent for sny succeeding Legislature to repeal sny law that a forinor Legislslure was competent to pass. Whst, we are ssked, becomes of the sovereign power to provide for Iho welfare of the people "the public good," if it is competent for a selof families agents to fasten upon the community, beyond alt right of removal, the power of an insolent corporationto set the public weal at defiance, and trample on the liberties of the people? We hear much declamation, now-a-days, snd there is no word upon which the changes are so bsppily rung aa this word "monopoy." Il is a sort of "raw head and bloody bones," which is continually held up to frighten full-grown children; especially ia pstriotic indignation excited to s high degree of the mercury at the bare mention of a "Bank Corporation." If you listen loono of these stereotyped harangues upon the enormous power snd influence of tiese "soulless moneved monsters," you might, if you would, become convinced thst this great Republic, its liberties, its property, its lows, were hound ana proiiralo under tho foot of this droad power this imperium in impcrio. On this topic, some gentlemen are great : set them going on this theme, and they will tear yon a passion to letters lo very rags. Bui, sir, when ws com down from the clouds, snd look at ths thing in its sober reality, and inquire, what is a bank corporation ? we find that it is not such a terrible affair. A bank is a mere trading associslion, not composed of sny particular elass, sect or parly. Ths rich, Ihoss in moderate circumstances, widows, the guardians of orphans and lunatics, are all indiscriminately associated. The stock of a bank is an article of trade; ell may buy it who have tho means f - . e :. 'i-l . . ' i . . . . ui psyiiia; iui it. i us aeswuisiiun ia most uemocratic in its organisation snd government. Il sets on Ihe true republican principle, by majorities. Its sgents are elected, and their powers, other than those defined by the charter, are regulated by by-lawa enacted by the majority of the members. Whst is there, then, that looka eo alarming lo liberty and where ia this overwhelming power of monopoly? Why, ssy gentlemen, they (ths Banka) have the exclusive power of issuing thoir paper credit, snd the people srs compelled to use it. Mr. Chairman, who were most loud, during Ihs psst eighteen months, in railing against the tickets issued by individuals and town corporations I Who denounced them ss the " Wh ig Currency!" Whst grosns were uttered over the prostrate condition of the country bv the official ormtn nf Uie democracy in this city, because the corporation of Circleville, ihe town in which 1 reside, hsd dored lo issue tickets lor change. 1 was held up ss a mark for the condemnation ol the people, because, as a member of Ihe Council of lhat town, l had, on the application of Iho merchants snd mechanics thero. assented lo il. I was styled a director of the "Circleville Shin-plaster Bank." 1. i I - .ot-:.u.. i i ., . ii uw uucu uiiitieuy announce!, ueie, tnis winter, inai measures are in preparation to punish those presumptu ous towns that had dona the like. Yon have had statute in full force since the year 1816, to prohibit the issuing snd putting in circulation of maulhoriMed bank paper and the 33d eection of your law regulating procee jt . i i i i i i uinss in ivuria, wnere oanaa ana oanaurs sre parliss, dcclarea that no action shall be brought on any note or uiii issueo anu inicnuea lor circulation ny any nana or banker, unlcu rueh bank or banker ihall be ineomaratal andauthoriiedby law to iuueiuch note or bill and such notes or bills so issued, without such authority, are lo he taken and held in all courts, ss uabiolutely mid." Gentlemen know of these lawa, and yet they will not repeal uiom uiey win prate atwut tne monopoly ol banks, snd in the same breath fulminate tha nmuiof the law against sny individual or town lhat darea lo en croach upon thai monopoly. But to return lo the question of ths power of repeal. Under our system of Government, power is sssigned, by distinct boundaries, to thrco departments the legislative, ihe executive, snd tha judicial. Ths sphere of ench is limited snd defined by written constitutions. Ths constitution of the United Stales, snd ths taws of Con gress made in conformity thereto, are ikslared to be tha supreme law of tho land, any thing ia the constitution or laws of any Stale to the contrary notwithstanding.. uj mo cuiisiuuuon oi uuio uio legislative authority is vested in a General Assembly, which ahall coiuial of Senate and Houso of Representatives. The judicisl power, both ss to mstters of Isw and equity, ia vaaled in a supreme court, courts of common pleas, justicoa of tha peace, anu in sum omer court as ins legislslurs may, lrn.n lim. Ia llm .l.ki;.l. A ..I U.. I. " ,.",,, nmu. u j wie 1 weniy-eiguin section of the seventh article, it is declared Ihst, to guard against the transgression of ths high powers which ar delegated, all powers not thereby dolegatcd remain with me people. . ,, In determining upon the exorcise of sny power, ws must look to the chsrter under which we act. It in our warrant of mllamry, and we may not act without the scope of Its authority In consulting that instrument, we find that our power il limited lo the exercise of lecit-latice functions. Ws way nut, therefore, olaim, without transoending our limits snd overstepping our jurisdiction, to set in sny other capacity. Whether ths Legislature will a-rant thssa franchises. and upon what conditions, is a mailer for them lo dolor- mine. J he right to lako away or annul ihs grant does not, howover, follow. By the terms of the grant, certain powers are conferred on lha corporators, in consideration of which Ihey stipulate to do certain thinn. Ths object of the gram, and that which constitutes ths con sideration, is a publio beneht. If ihore be sny sol which the corporation might do, which is deemed projudicisl, their power, in thai respect, may be limited, and a penalty, pecuniary or otherwise, may be affiled to it. Upon tha faith, llien, of the stipulations in the eharter, ihs grant is accepted, properly is acquired, and rights vested under it. If the Legislslurs may, whenever, in its opinion, tha " public good" requires il, suppress the corpo ration, annul iia powers, ana uissoive it, u is oy ins sxer cise, not af a legislativa power, but of mere force. This ia the doctrine ol the courts, both in England and in thia oountry. In England, all corporato franchises sre grants from Iho Crown but the King csnnot sunul the charter. Lord Mansfield denied the power of the Crown to take awny rights granted to CorporniionBi 3 Burrow's Rents., llUB. And in the case of tho King vs. Psssmoro, 3 Term. Kepts., 311, it is said, lhat onrporate franchises can only be forfeited by trial and judgment. Lord Coke ill his Institutes, 4G, speaking of ihs 39th chanter of magna eharta, says : "No man shall bs disseised, etc., unless it be by Iswful judgment, that is, s verdict of equals, or by Ihe Jaw of the land, that is (lo spesk it one fur all,) by the due course snd process of law." Il is true thsl, in England, Ihe right la repeal charters has been claimed by i'arliamenl. Ily tho theory of the British constitution, the power of Parliament is omnipotent but Ibis power of repeal, even there, is no clsimod ss legislative, but as an incident lo its uncontrolled authority. In the great debate on Mr. Fox's East India Kill, the righl to revoke Ihe powers of the East India Company wss plaoed on the ground, thai it was a publio political corporations, invested with part of Ihe municipal power of ths realm. The jurisdiction of the company extended to the government of a country comprising nearly 3110,000 square miles, with population of nearly 30,000,000 of souls. It waa contended that there was ' imperious Slate necessity for the revocation of powers which hsd been so grossly abased, and palpably forfeited, as to demand snd justify the set. I doubt whether a case csn be found where ths power has been exercised by Parliament, save on some of these grounds. Happily in this country, the supremo Isw, the constitution of the United States, tiss jraarded against itt-exercise; and ths Supreme Court of the United States have fearlessly sustained private righta against legislative encroachment, This fttlHtinn waa m3 .-1 kIm-.i. .!. .1 lu. L- - uu b.,u WI.HUUJ Kill.. J " Supreme Court of the United States, in the esse of Fletcher vs. Peck, 6 Cranch R-, 67 : hn that caso, the power lo annul a grant, made under are aet of the Legislature, was clsimed by the repeal of the law under which ths grant was made. In the year 1795, the Legislslure of Georgia passed sn set sppropristing certain territory, and providing for its disposition. Under the law, this land in controversy was conveyed to certain individuals. Being thnsinpos-' session of the legal estate, they conveyed to others. Afterwards, in 1796, because of certain undue influences, ' bribery and corruption, by which the pssssge of tha Isw of 1795 wss procured, the Legislslure passed sno-ther act, declaring null and void that of Ihe previous year, expunging it from the records of the Slats, and ss-: sorting the right of the State to the landa. Ths effect of mis repealing law upon the rights ot those who held under Ihe law repealed, waa fully discmsed and adjudged 1 upon by the conn. Chief Justice Marshall delivered the unanimous opinion of the court. He ssys : " Ths prin- ' cipte asserled i-s that ons Legislatnra is competent to re ' peel sny eel which a former Legislatnra waa competent ' to pass, and that ons Legislslure csnnot sbridgethe ' powers of succeeding Legislsiura. Ths correctness ' of this principle, so fsr ss respects general legislation, 1 csn never be controverted ; but if an act be done under a law, a succeeding Legislature cannot undo it." " When, ' then, a law is in the nature of a contract whenabsa--lute rights hsvo vested under that contract a repeal ' of Ihe law cannot diveit them of those rights: snd tne act snnuuing inom, ii legirrmare, nr reaoereo so oy ' a power applicable to the case s every individual in tha ' community." it may well o doubted, whether the ; nature of society snd of government does not prescribe ' some limits to the legislative power; snd if any be pre ' scribed, where are iney to be found, if the property ol sn individual, fairly snd honestly acquired, may be seised without compensstion?" Here, then, the proposition is fully met and adjudged.-And let me ask, hsve not the bsnks a property in tha righl to issue small notes? it is a part of their circulation: by their circulation they derive their profits. Ths Legislature have conferred it upon them by a solemn grant. If wa may deprive them of Ibis, ws may dis-1 franchise them and annul their charters t the power to do the one, necessarily Barries with it the power to do-the othor. Ad between individuals, ths Isw is settled : no one would question thai, in the absence of fraud, tha grant from one of property to the other msy not bs an-1 nulled, unless by mutual consent. Will we spply a ruls of justice for the government of contracts between onr ' citixens, which we will deny to contracts where ths Stste is a party? Is ths obligation to abide by a contract in good faith less binding on the Stale, thsn on Its citiiensf Where will such doctrine lesd us to? We hsve by Isw pledged ths faith of the State for the redemption of our foreign loans, on which we have raised millions to construct our works of inlernsl improve-' ment) we have irrevocably pledged tha revenues of those works to the payment of the interest. Will it he said, that it is competent for thie Legislature to repeal those laws, because ths " publio good" may, in tneir opinion, require that the people ehould be relieved from-ihe burden of a heavy tax? Go preach this doctrine in Wall street. Let il be there understood, ss ths settled opinion and determination of ths Legislsture of Ohio,1 snd whst, think you, would besoms of Ihe credit of ths State? Mr. Chairman, if there were no axpnsa eoastiratioaol prohibition lo the exercise of a power fraught with such mischievous eopsequences, good fsith, a principle which honest governments, as well aa honest men, ever acknowledge as ths rule of their conduct, would forbid a resort to it. But the fremers of tha constitution hsve not led as in uncertainty about iti in ths language of Judge Marshsll, in ths case of Fletcher vs. Peck, just re- terreo to, iney vieweo, wun some spprenension, tha violent sets which might grow out of the feelings of tha . J .1 -i - -C .1 j a " . moment; nu me people wi uie unuea otaieSyin adapting that instrument, have manifested a determination to shield themselves snd their property from tha effects of those audden and strong psssiona eo whteh. men arc ea-J gased. Tharsstristioasaa ths legislative powerrjf tha. tales are obviously founded in this sentiment i and tha-constitution af the United Slates eontaina what mav ho deemed a bill of rights for lha people of each Stater" it aeciares rnsi -no mate snail pass any hill of attainder, ex post facto law. or km impairing the cblirabian of contracts." Mr. Madison took a distinguished part in the deliberations of ths convention that framed ihe constitution of the United Slates, SBd exerted himself in recommending il to the people of the Steles for adoption. In the letters of Publiusv for the Federalist. No. 44.) commeMina. on this clsuss of ths constitution, be says; " Bills of attainder, ex post facto laws, snd Isws impairing Ihe obb gation ol contracts, sre contrary to me mat principles of the social compact and to svsry principle of sound legislation. Tha two former srs expressly prohibited by ths declarations prefixed lo some of ths Stale constitutions; snd sll of them aie prohibited by ths spirit sn i scops of thess fundamental charters. Our own experience has taught us, nevertheless, ihst additional fencea against these dangers ought not to bs omitted. Very properly. . therefore, nsva the convention added this constiiutionsi bulwsrk in fsvor of psrsoonl security and private rights) and I am much deceived, if ihey have not, in so. doing, as faithfully consulted tha genuine sentiments, as tha uailmtbied interests, of their constituents. Tha eobei people of America are weary of the fluctuating policy which haa directed the public councils they bavs seen., with regret snd with indignation, that sudden change and legislative interferences, in esses affecting personal i righta, become jobs in the hsnds of enterprising and influential speculators, and snares to the mote industrioaa and loss informed part of ths community! they hsve teen, too, thst ons legislstivs interference is but the link ' of a long chsin of repetitions, svery subsequent interts-n rence being nsturslly produced by the preceding.. Does not every man sea the force of this reasoning, . and the importance of suslsining ths position it takes. If it Is good lo protect ths enjoyment of any right of pro-petty, it ia equally so to protect aaorporata franchise., A corporate franchise, in plain languageviba right ot ths banka to issue smsll notes, is ss m ach property ss lend il is property, for which the bsnks have paid to the Stat a valuablo eonaidcratioa il is gixon snd secured to them by their eharter, that is, thsii patent i as good to Ihsm , for Ihst ss your pstsnt from tha Government is good to i you for ths Isnd it conveys. Both are protected by tha supreme law of the land. What is tha " Is w sf the land ?" i I answer, in the language al Uord, Coke, ("one for-all,") it ia tha due course am) process of Isw. If il b not so, whst is it? Is il svsry snsclmsnt which Iba , whim of ths Legislature may declare ? Do we hold life, . liberty, snd property by no fixed ruls ? If this bs so, ihs Isw of ths land rests alone in lha omnipotent decreaa ' of the Legislsture. W-hjr, may you not, if tha " public i good" require it, pass a bill of attainder? Because lha . constitution foibids.il, and because it would give lo Ihs-Legitlalurt power over the lives and fortunes of the citi-ten. WhymayyounoipassexjHMtaelolawa? Because ths constitution forbidsit, anu because it shacks our sense of justice thst sn act should be punished, which wae innocent snd legal at the lima il waa committed. ' Why may yon not repaalacharter? Because tha coneti.-lution declarea lhat yon shsll pass no law impairing tha obligation of contracts, sod becauae yoa must not ssisa ths property of an .individual, in. the fonuofalaw annul-ling ihs title by whioh he holds it. But it is said, ilut a charter is not a contract within ths meaning of the constiiutionsi prohibition. In order lo suslsin this position,, gentlemen must draw on their own powers for there is no Question better settled, on ihe highest judicial authotitykaowa to die law. There ia one tiass of chariots, over which I concede full powsr lo Ihe Legislature i.thsy are, such as crests "publio corporations." as towns, cities, snd the like. A corporation ia called " public" when it has for its objoct lbs government of some portion of tha Slate, and is endowed with municipal power, Tho power of ihe Legislsiura over this description of corporations, lo alter, or amend, or repeal, without any reservation of lha right in tha charier, is s necessary incident, as a part of the political power of Ihh Stato is delegated ;.and it ia essenlitl lo th good order of society thst its exercise should be subject to revision and correction. If, for example, aa has been, the caae,inlhaactincorioralingalown, power hasbeeai conferred upon the town authorities to grant licenses to. retailors of spirituous liquors, should the Legialaiura subsequently believe thsl the welfare and morals of tha people are injured by the existence of grog-shops, the msy annul the authority to lioonse them, tmk take ft away. And this, though tha citixens if lhat Iowa ahould unanimously rcinonstralo atpwet it, Hera an no vceisd rights of property in the ppjuers or franchises given to the town. The oheuesi. wanted for a general purpose, of mora elTeotHslly providing for Ihs gov em meul of email local oomjivinjuea in thoir public charao ter. The paving of alrcem and aide-walks, providing for ths safety, helih, end cleanliness of ths particular community, requires, the delegation of municipal power w

os-iao htatk lo'ntXAi an i register. VOLUME 29. COLUMBUS, OHIO, FRIDAY, FEBRUARY 8, 1839. NUMBER 30. ADVERTISING. Twslve lines or less, one Insertion,.... 90 60 . m 11 h throe..." I 00 .mm ii men additional inssrtion :..d tS . . u it it three months, 3 00 '.i ti ii tii monthi, 6 00 w it w twelvemonth!, 8 00 Longer advertisements In the tame proportion it the above. A deduction or twenty per eenu, (on the etceet,) when the amount aiceede twenty dolltrtin ill monthi. All Advertisements thould be marked on 'heir face with the umber of Insertions desired, or they will be continued till order ud out, and charged by the Insertion. No responsibility for errors In legal Court Advertisements, beyoad the amount charged for their insertion. ' YI1RLV ADViaTISlMO. One-eighth of a column, (aiiout 15 lines,). ... ... .lit 00 . Onsfourth i. , ID 00 ' One hair. , 25 00 A full column 40 00 Any Advertiser eiceeding the amount engaged, to be charted for the excess, at the first rate above mentioned. 1CTMi letters relating to subscriptions inust.be addressed, (postpaid,) to tlie Puiusiiaas. SENATE OF THE STATE OF OHIO. SPEECH OF MR. GREEN, - On tin bill to prohibit the tuning and circulating of imall noitt, in Vummutee oj me jr fluff. Jahuiht 23, 18.19. Mr. GREEN moved to strike out the third and fourth eectiona of the bill. Mr. Gbobh having called on the chairman of the Committee on IS miks and the Currency, (Mr. Tod,) to give hii opinions on the question! of law and expediency involvcd in the bill, and that gentleman having declined opening the debate, he proceeded to addresa the committee as follows: I regret, Mr. Chairman, that the Senator from Trura bull (Mr. Tod) hue declined complying with my re From his position, at the head of that comn quest. charged with the investigation of all subjects connected with the banks and tho currency, and the fact, that he is in favor of the passage of tho bill, we had a right to ask his opinions upon it. And tho high character as a lawyer, which I am informed he enjoys at home, forbids the idea that ho has not investigated and sutislied himselfof his right to voto for its passage. I havo briefly stated to him my objections to tho mcasuro; they ore: 1st. That it is in violation of the constitution of the United States and of this State 3d. That it involve! a fin-arrant broach of good faith on the part of the State, and is uicidal in it! policy. 1 have, therefore, required of Dim that, Uelore he asks my vote, ho should give me the bonclilofhislights on tho subject. He has declined do-inir tot but added that. " whenever sny argument ad vanced! by me shall have staggered tho faith of any of ms own political Jncndt, in the constitutionality or expediency of the measure," he will then vouchsafe a reply. Ii it so, then, sir? Doci the gentleman desire the 'lav votes of nono on thii floor, save those he clainia as his political friendi t Are we to undentand that thii bill la brought in horo, not aa a measure based upon the broad principles of wholesome legislation for tho general good, but as one of mere party aim and scope t that it has been concocted in the " third branch" of the General Assembly, (familiarly known a! tho " Tinpnn,") and is to be carried by tho votes of thusc only who consult and obey the oracle that presides over tho deliberation! there) I presume it is eo. But tho gentleman will pardon mo, if I gently rebuke him lor doing injiis-tice to his political associates. His remark implies doubt of their faith. Sir, ihey will not falter more than he ) the same feelings of duty, lh same looking forward to consequences of revolt, which will keep him cloee to the track, will restrain them from flying it. If, then, this be the only motivo ho can una (or speaking, he may spare his labor and his breath. We are to infer, then, that this is a parly measure. Agreed; I am willing so to treat it. The great question involved hore is, nothing lees than the omnipotent power of the Legislature to repeal charters! in other words, to violate contract! to which the State is a party, it is the most alarming and dangerous doctrine among the heresies of the day; it strikes at the root of society, throws open the door to an illimitable axercise of legislative power; and brenka down all the safe-guards which the laws havo thrown around property. Viewing it in this light, I am gratified that the gentleman declines asking my aid, or the aid of those with whom I act. Ho shall have the glory of perpetrating this violenco upon the constitution, dcrjiite the combined efforts of his political opponents. A Whig vote would not pluck one leaf from the laurel on his brow, though it might show the fascination of power in seducing man Irom their duty. 1 mink, nowever, i may venture io assuro him, that hia distinct avowal of the cliaracltr of thia measure was unnecessary to put every Whig upon this floor upon bis guard. 1 he priuciples ol this lull arc of themselves suilicicnt to invite tho opposition of that party, whose pride it is to support the constitution, do-lenu the sanctity of vested rights, and preserve inviolate the public faith. Sir, I protest against it! In behalf of the people in behalf of the honor and dignity of the State in behalf of the laws 1 protest against it. 1 will not sulfur the committee to rise, until 1 have given the reasons for my protest. 1 shall give them not fur thia body; I have no hope nay, 1 will not go so far I will say, I have little expectation of winning back any of the gentleman's politicalfriendi from the error of this thing; but I desire that those who sent mo hero shall know that I was not sleeping on my post, when the citadel was assaulted; that 1 was on tho wall and gave the alarm. before I proceed to tho discussion of the questions directly growing out of the bill before you, 1 shell ask to be indulged, tor a few moments, whilst I advort loan other subject, which, alter what wo havo just hoard, will not be considered aa entirely irrelevant. It haa been the aim of the pruaaes and stump orators, who sustain the present administration of the Government, to identify the Whig party with what they cull the fraudulent practices of the bauks: because we were not willing to lay the Vandal hand upon rights guarantied by contract, and insisted that, for alleged abuses, offenders should be tried according to law, and not by inynewmodo of legalised lynching, w were charged with conniving at, and suetaining, fraud and corruption. We ahall be denounced, I know, for opposing this bill, No. I, as we are informed, in the chapter of "6anJk reform." Let it be so. We prefer duty to lempoiary applause, eves if it were to be gained by an opposite course in this matter. My convictions are, however, that the people will sustain us; those " sober second thoughts, seldom wrong, and always cflicicnt," aro bringing thotn to a true understanding of the issue which certain leaders have made up for them. It is a false issue, and they be- frits to see it. Asa part of the scheme, to divorl the pubic mind from their own doings snd aims, it haa been the effort of our opponents to charge the Whig party with being in the interest of the bauks, snd aiding them in their alleged imoroner practicoe. And this sasertion waa the theme of all the local and traveling orators of the last Tall campaign. As mere stump acclamation, it was worthy only ol slump refutation; but it has been repeated by those having stntion and authority; and has risen into something more oi importance, i me dim bi. fects the rights of bank corporation!; and, as I oppose it, a proper occasion presonts itself here to snswer snd refute these imputations. It will be remembered that, upon s former oceaslon, the Senator from Monroe (Mr. Walton) was pleased to denounce Ilia conduct of the majority of the last session for suppressing inquiry into the fraudulent practices of the bauks. I then promptly, from my place, repelled the charge ; and promised, upon a proper occasion, to examine it and show that it was unfounded in feet. Siuce thon. tho same grave charge has been repootrd by an. other gentleman elsewhere; and it hie gone forth to the world, that the Whig members of the Inst session "prostituted the interests of the people st the shrine oi the Dank, by refusing an investigation into tneir irauumeni ? radioes." Sir, 1 pronounce it now, as formerly, an un-ounded calumny, unworthy the great political party tint have used it; a calumny which has had its day, snd done its office in the laat electioneering campaign ; end ought now to be cast aside among the tmitorWiy things of ihe pail. Hut, ns it is still considered worthy a plncu in tho recollections of gentlemen, and of sufficient importance to be brought again to their aid in eking onl sot speochca, I shall take this oeeasion to redeem my pledge, given on a lormer occasion, to prove that it is untrue. Let us to Ihe proof, then. On tho 7lh of December, being the third day of the last session, the senator from Chninpaiim I Mr. Jnmos) presentud for the considerstion of the .Senate, a resolution directing the Auditor of State to call on the hanks of thii Stale for information touching the condition of their affairs, nnd propounding to uuv iii-iuutions cerium inic milrinones, eleven in number. This will be found on Senate Journal, page 18. The resolution was laid en the table in order to ho orinl ed. On Ihe 1 Ith of December, Mr. James called up his resolution, when the Senator Iront Carroll (Mr. llioiup. son) offered an amendment, enlarging the scope of the inquiry, which wee, together with the resolution, again laid upon the table in order that the amendment might be printed t see same Journal, pages 3D, 31. On a subsequent day, ihe resolution and antendtnent wero taken up and referred to a select committee, composed of tho two aonltoiaen boforn.named : and. on the .3th ol December, the gentleman from Champaign re ported the resolution nnd amendment back to the Sen ate, and both were laid upon the table. On the 19th of December, the resolution snd amendment were-taken up, various amendments were made, and the resolution, as amended, was agreed to: see same Journal, page C3. The resolution, as finally adopted by the Senate, will be found in the volume of Legislative Documents of the last session: see Document No. 30.' -. - I have been thus particular in referring to the history of this reaolulion fur a double purpose: first, to show that ample time was afforded for reflection, for tho most deliberate action, on that subject; and, secondly, that no impediment waa thrown in tho way of any inquiry which the most astute suspicion might choose to institute. On the same day of its adoption here, this resolution went down to the House, nnd, on the 8let of December, it was taken up in that body, and agreed to without a dissenting voice. So much for the action of tho mnjorttyon a measure ori- f';inating with one of themselves. If it wasnotsufficiont-y searching; if it did not probe tho rottenness alleged; if it did not strike deep enough to drag to light the hidden frauds so much complained ol, where wore these guardians of the people's interests? Why did they not tVten propoie to givs to the investigation a form snd power that should lay bure to the public eye the enormities of these corrupt monopolies? They were here, sir; but for. their own rensons they wero not tltcn ready. I come now, sir, to the cause of all this clamor. And I will show you and the people of Ohio, that a mere trick was resoried to, for the purpose, I doubt not, of building up this fabric of aspersion. , On the 98th of December, seven days after tho pas-sago of the resolution I have been referring to, a gcntlo man, than a member of the lower Houso, from the county of Lorain, and a devoted supporter of tho party to which the Senator from Monroe belongs, ofTcrcd tho following resolution t " JUiolvcd, That a Solcot Cotr.mittco of five members, with power to send for persons and papers, be appointed to inquire whether any of the Banks within this Stale have violated their charters, and that snid committee be instructed to report to this House a bill to repeal all such Sank charters as in their opinions hare been violated, unless Baid banks shall resume the redomption of their notes nnd bills in gold and silver on or before the first dny of March next, and thereafter continuo to redeem their notes and obligations in specie as aforesaid, and consent that the snnio shall he secured by the direct liability of tho individual property of the stockholders." Sue Ifouso Journal, pages 153-4. Tho resolution was laid on the table to be printed. On tho 13th of January, the resolution was taken up, snd a worthy gentleman, and a sound whig, then my colleague from the county of Pickaway, (.Mr. Thrall,) moved to amend the resolution by striking out that part which gives to the committee power to send for persons snd papers, 4c, and insert in lieu thereof the following words' "with instruction to repsir to such batik or banks within thia Slate as there is just cause to believe have violated their charters, end make inquest of the fact." This amendment was not agreed to; and after somo further action, the question on agreeing to the resol ulion was taken and lost. Now, sir, it will be perceived on an analysis of this resolution, that it contains scvcrnl propositions, not one of which I am ready to show ought to havo been agreed to by that Houso. let. The committee proposod to be raised was not s Joint Committee. 2nd, It gave the committee power to send for persons and papers, to be brought here. 3d, It instructed that committee to bring in a bill to repeal nil the charters which in their opinion had been forfeited, unless lib, the banks should agree to resume specie payments by the 1st day of -March, and consent thut the stockholders should bo mode individually liable for tho Eaj ment of the bills or notes of the institution. I shall nedy expose these absurdities in theirordcr. 1st. The proposed resolution contemplated the action of the House only, wucrens it suouiu nave uccn a joint action. By the 34 in section of the act of lull's entitled "an act to incorporate eortain banks therein named, snd to ex tend the charters of existing incorporated banks," (ses Chase's Stat. 3 vol., page .ti,; ana umler which act most of tho banks of this State hold their present cor-oorote powers, it is provided that "the books, iinuors. correspondence and funds of each of the said corpora tions snail st sit times so sunject to tna inspection oi any persons who msy be sppointed by the Legislature for thnt purpose.1 And a similar provision will be found in most of tho bank charters granted sines. ' The "e- giiiofure," consists of s Senate and Houso of Repre sentatives the concurrence, tuereiore, oi ootn prancnea is necessary to the appointment of such persons, with authority to make such su investigation into the affairs of the hanks. 3nd. The Legislature had not ihe power to nuthurize tts committee to drag the oiheors of tho banks, with "their books, papers, correspondence and funds" to tho Seat of Government, for tho purpose of inspection. What would have beeu tho expense and inconvenience attending it, even if they had the power! Just imagine, sir, in the depth of winter, waggons loaded with the books and funds of the banks, slowly struggling along, here anil thoro sticking tnst in the mud, with a shivering Cashier or Teller at work with a rail, trying to set it in motion. At what time think you they could have arrived here, in order that this grand inquest might have been made into their books and specie? Aye, sir, their specie; forthey had on hand at the time of ihe proposition to sdopt this wise method of procedure, nearly $3,1X111,00:1, in specie, in their vaults. Is not the proposition too preposterous to admit of a supposition that it was conceived in good faith ! No, sir. The course contemplated by the law, and that which sincerity OI purpose wouiu unve uiciuicu, woutu nave been to send your committee to the hanks, and there "inspect their books, papers, correspondence and funds." 3d. The Legislature had not the power to pass s bill to repeal the charters of these institutions, even if they had been violated. Tho 44th section of the same sot (i Chase, page 9 '2 1,) provides "thnt the Supreme Court shall have full power and jurisdiction soon a writ ol ouo varranto to hoar snd detennins sll questions touching the violation or tortcituro ot charters, or extension ol charters or other privileges granted by this set or any subsequent act, and to adjudge the same to bo for leiieu, or otherwise, ns rigiu nun iiiiiico inuy reiiuiiu.-- . i ue Whig party, Mr. Chairman, nave ever been distinguished by their love of Inw, and obedience to its requirements. The law creating these institution-, had designated the tribunal that should sit in judgment upon forfeited charters. The penal laws of the oouotry srs designed aa well for the sccuritv of the accused aa the accuserai and as they eould not take sway from the meanest felon the right to a trial by jury, bcluro sentence of punishment Is pronounced, so they would not nsnrp the power to try ana condemn tne nanks cnargea wnn nnving incurred the penalties of the Inw, when the lew filing the penalty had also determined the tribunal that should hsvo power to impose it. 4th. The Hanks in Ohio, could not in jus tice to themselves nor the community of Ohio, hsve resumed specie payments by the 1st of Mnrch, unless tits banks in the hnstorn cities should by that timo have resumed. This, the lupportcn of that resolution should hnve known, waa utterly iinpiisrible ; or at lesst not in sny degroe probable, and whether they did consent to resume or not, it was an idle threat to propose to make the stockholders individually liable. Nav the proposition was worse than useless. It wss mischievous. It held out the fallacious iden that this penalty miglU be imposed upon the banks, if the majority wuuld consent to it. Now, those who made the proposition well know that a suspension to pay specie, worked s forfeiture of charter, absolutely, ouly m Ihe case ol one bank: the Life Insurance and Trim Company. In one or two nthor charters, it might bo trenteu as a forfeiture by the Legislature, after the foot hail been judicially ascertained, as in the case of the Dank of Ctreleville; but in majorily of the dinners the penalty for suspending specie pnvinents was li per cent, daiungca upon their notes, from tho time of euspension. They also knew that the liability of stockholders wae fixed by the terms of the charter, snd lhat no act of the Legislature could extend that liability. Hat they also knew thai the iviug pariy nolo it a caiumai nomine in iiiuk vici-u. that rights vested by charters are contracts guaranteed by tho public faith, and protected by ihe Constitution that holding this doctrine, nicy woutu, oi eourae, vnie down thia resolution, snd that vote might be used to ad-vantago bv their opponents. It won voted down, sir; and 1 say, in my lieurl, amen. I rejoice that my party dares to do right, lot Ihe eonscauonooo be as they may. The pssud consciousness of having dons our duty, is worth nioro than the temporary, yos, temporary, power of a majority on this Hour. This, then, sir, is a hialory of the facts upon which is founded the chsrge that the Whig! of the last session prostituted the interests of the people at the shrine of the banks, by refusing an inveatigntion into their fraudulent practice!. This is the snmo resolution, for voting down which, the mmes of honorable gentlemen have for the past rear been conspicuously exhibited with black Uses drawn around them in the official nman of the Van Buran party in this city, held up as objocta of indignant scorn as traitors to their constituents, snd meriting the traitor's doom. Mr. Chairman. I call on huaorable ffcnilouien here to riao above such nottv me- chincry to remember that they stand on Ihe floor of the Scnsto of Ohio. I demand of them, in vindication of their own honor, ss well an ihe character of their opponents, to cast on and disown such miserable trickery and to retract a charge ae unfounded as the eausus which originated it are unworthy. Mr. Chairman, consistency is a virtual but, like all virtue, it requires occasional sacrifices, which are inconvenient. "It is easier to teach ten, than be one of the ten, and follow mine own teaching." You have seen that the Whig party has been denounced for suppressing investigation, because they refused, illegally to compel the officers of the banks to bring their books, papers and money to Columbus last winter, to be oxaminedi snd because they would not consent to repeal charters. wnal, i pray you, are the Irientts ol tho people shout now? They havo oot the power. Where is this formi dable scheme of investigation, repeal and individual res ponsibility, over the dcleat of which so many patriotic groans were uttered last year? Have the banks ceased their frauds? Have they become solvent? Have they bowed down before the sovereign people? Oh, no! Day after day the halls of this building resound with high-wrought denunciation of these powerful oppressors of the people's rights. .Strange, then, thnt the exclusive friends of the people, snd enemies of monopoly, now, whon they might most thoroughly search, expose, ami punish the abuses of which they have so much spoken, should fold their arms and talk, aye, talk about it. Resolution No. l,of the Senate, offered by the gentleman from Cnrroll, (Mr. Thompson.) propounding some 39 interrogatories tolhe banks, after having been matured by t reference to the Currency Committeo, and consideration and amendment in the Senate, sleeps on the table. We who aro charged with a disposition to shun inquiry, have twice endeavored to call it up for final agreement, whilst those who sre the friends of inquiry have unanimously voted that it shall not be considered. Perhaps gentlemen are, waiting for lbs" report of the committee sent to the "Cantos Bank" ; and this reminds me that 1 have done ihcm injustico when 1 said there was no aerion, but all talk. Yes, sir; wc have adopted a joint resolution, appointing two of this body, and one of tho nouse, wiiu instructions to procccu to too r armors Dank of Canton, and examine and inspect 111 e bocks. papers, correspondence snd funds of the same, snd ro- port Ihe result lo tins tienerai Assemmy." now lights have broken in upon the minds of gentlemen.. It is now discovered that perhaps the little hank of Canton is the only one whose affairs are of sufficient importance todo-mund a Coinmitleo of Investigation.- But a further discovery is also made that if we desire to look into the affairs of even this little "tkating io," we must tend our committee there notwithstanding it is snid thnt tho Chairman might carry in his breeches pockets nil the specie in its vaults. But how is it, sir, that we henr nothing from tho friends of the people obout repealing Ihe charter of this bank? It is tho only bank in the Stato that has been unable lo pay its debts, dollar for nllar, Sir, I will leave tins suoject; it is humiliating nd although, it is one out of which much amusement may be drawn, it is at the expense of the character of the Htntc, wtucn is yet wortiistruggiiiigtooelenu. Mr. Chairman, the people ot Ohio arc honest and confiding ot times, too connding for their good, in the fnith of those of "much nrafession:" hut thev havo iood sense; and if for a season they arc deceived, they cannot always be gulled : when tliey hno they have boen Iritted ith, Ihey will not be long in applying the remedv. Ma joritiei are uncertuin things, now-a-days. 1 commend gentlemen to a nusunnuing oi ineir resources; lor wmcss ihe signs deceivo me, bcioro the second Tuesday of October, H'.I'.I, they will hear more of "Bank Reform" than ill be pleasinir to them. I have now, 1 think sir, shown thnt the party in power here last winter, havo been grossly misrepresented, when held up ss opposed to investigation. I lie ection proposed ny tne resolution ol Mr. riutitinru, sn whicn I liavo been commenting, was unconstitutional, unjust. snd absurd ; it would hove been resisted by the bnnke, snd there wss no power here to have onlorced it. 1 have occupied some timo on this subject, in justicoto nivself and mends, ss the people not understanding the lucts and law of the matter, have been led into crroncous-iin- firessions respecting it. 1 have no lear thai thoy will' ail to do us luslice. I pass now to the hill under con sideration. In the outset, I will remnrk, that personally, f have no interest in bnnks, being neither s stockholder, director, borrower, or endorser. 1 regard them only aa aseful, so long ss they set up to the end snd object of tbsir creation. As commercial institutions, affording sredits,.and acircutaling medium, by which moans the produce and manulnetures ol the country may be purchased and exchanged for those of other countries, tliey ore among tits greatest inventions ol the tunes, bo tar tneir intluenco unon the country haa been most salutary. When uu oast our ya around ns and behold the high degree of nationol wealth and power to which our country has arrived, thnt which to a strangcris so full of wonder, is to us most easy ol solution the whole secret liesin tlie en ergy and enterprise of our people, backed and aided for. ward by creau. Hanks hsve lor tho moat part turnished this credit, snd it may be fearlessly asserted,, that the history of commercial affairs, sinco commerce boonmo a part of the business of men, does not present nmorcolovn- ted example of integrity and intellieenee, than that af- tordea in tne banking system ot tne tinned states tor the past fifteen vcare. I shall not stop to disouss the causes of tho lale suspension of specie payments. Suffice it that those interested with the managomonl of bonks, were no more in fault than the government and; the people; The first havo, by their judgment, and prudence, and liberality, relieved tho last from thoir embarraaements, whilst the government folded its amis, and disclaimed all obligation to interfere. So far, then, as the banks aw connected with the welfare snd prosperity of Ihe country, I am their friend. If, howover, they have abused their powers, and wronged the people, tr iron's name punish them but do it sccording to Isw. Reform ihsm, until you have cut away all power of future mischief, if you can, but lot your reform be consistent with, the fundamental lawa of the land and public fsiih. I sin for ro form in evory thing that will aid the happiness and prosperity of tho people but I will he first satisfied that I am not doing more mischief than good, before I lay my hand to tho work. I oppose this bill, then, because,. however much ot "reform11 there maybe mil, and lor my part I eonfess I csnnot perceive any, it is an attempt to exercise power not constitutionally belonging lo the legislature. And Whatever msy do ine niiaomct to oe remedied by the suppression of small notos, it sinks into utter insignificance, becomes aa small ss III notes themselvos, when compered with that greater mischief,. the violation ol contracts sanctioned ay law anu guarsn teed by the great charter of our liberties. This theory of prohibiting (he circulation of small notes in Ohio, is worthy of remark, and il will1 he welh in look into its hiatorv to ascertain II anr legislation nna changed the rights of the banks or the powers of the Le gislature reapccting it, since the chsriers were granted. It will be recollected that the then Uovernor of Ohio, in accordance with the auggestion of the Governor of New York, for it wss then fashionable to inmate New York ae being the pnttern pur exrcfirnre of democracy, in 1H3j recommended to the General Assembly of Ohio the passage of a law for the suppression of small notes. And the Legislature, in accordance with ihst suggestion, did pass a law, entitled "an act lo prohibit the circulation of smnll bills." By lhat law il was provided that the Auditor of Stale ahonld draw on the banks in favor of the Treasurer of Stato for the amonnr of 40 per eenl. upon theirdividrnds: rrovidea, l net it sny bank ahould, under the hand of the propor officers, snd its corporate seal surrender ihe righl conferred by its charter to issue bills of a leas denomination Ihnn five dollars, the Auditor should draw on such bank for five per cent, only upon its dividends declared after such surrender. Tho second section imposed a penalty of not leas than ten times the amount of the note issued by any bank persisting after such surrender to issue such bills ss were prohibited. A convention of Ihe bnnks wss held sfter ihe naasage of Ibis law, and some of them did con sent to make the surrender required, whilst cxbsss refused so to do ; snd let me lomsrk that those who refused, have never, to my knowledge, been disturbed, or sny stlempt made to enforce the provisions of the law rulerred lo against them. The consequence was, as was apprehended and urged b)r those who opposed that niea sure, lhat a distinction, invidious and unjust, would thereby be created among the institutions of the Slate, producing no practice! good. As those banks rhnt refused to eom into the measure, furnished, together with the paper of other States, the circulating paper medium Bfilitav tiwt, dfjlnrs. ..1 r ' h This stala of things oontinoul until lbs last senion oi Ihe Legislature, when the subject was btoughl to the attention of that body under circumstances familiar to all. Tli country was suffering undor an extraordi nary pressure snd embarrassment in its moneyed allium. Tho bank! had luspended specie payments, commerce was depressed, credit psralyied. It was insisted lhat great snd general inconvenience was felt in ihe smaller traneaclisns for ths want of sums sireulsting medium. Specie could not be had ; snd its plsca wss supplied by a worthless currency composed of the notes of individuals snd onsulhonxrd corporations, in tht common psrlsncs of the day "lAm plmteri." Ths Legislature of New York, an the suggation of Governor .Marcy. had sus pended lbs uperatum of their law for the suppression of small notes, snd uio i,egisiaiuro ot irguua nad de nartrd from their ancient policy, and required of Ihi banks al that Slate to issue them. It wss contended that, in the absence of our own, Ihe paper of the banks of New York snd Virginia would flow in unon us. snd as s measure of defenoe and good policy, wo ahould prevent the circulation of the paper of other States, lo the exclusion ol that of our own institutions. In view of all Ihene considerations, ihe Legislature, on lbs 13th March, InSi, passed "sn act entitled an set lo rrpesl sn act lo prohibit the circulation of small bills." Ths first section of thst set repeals so much of the act of the 14th March, le)3bf Delore relcrred to, as restricts or prohibits the circulation of small bills. The second section provides that those- bsnks that had complied with the provisions of ths act of 18313, by filing with the Auditor ol Slate, a written surrender of the right to issue notes of a less denom-inatioa thsn five dollars, were thereby suthorixed to issue such notes, provided they should redeem the same in Secic when demanded st their cooutors in the ususl banking Hours, dec. Now, sir, it will be perceived that by this law, that of 1830 was not only repealed, but tho right which had been surrendered undor Ihe operation of ths act of IH.Ki, was fully restored. The specie proviso was immaterial, snd did not affect Ihe question. The banks were bound to redeem all their notesof every denomination in specie without any such proviso. How thon stood the caso? Jnesctot lain imposed a restriction, unconstitutional and inexpedient ss I contend, but which some of the banks thought proper to comply with. But this act was repealed, end the right surrendered, wot restored. There can be no doubt then, that ths ut af 1838 places all the banks, as well those that surrendered tinder the set of I83II, ss those that did not, ia the situation they occu-pied prior to the possago of the act lost named. Had the act of 1838 merely repealed, that of 1836, there would have been doubt. By our stetuto of 1809, the repeal of an act does not rovivu s former act repealed by the lot ter tho banka had surMadered a portion of their privileges, and the repeal of the law which compelled such surrender, would not hsvo restored to them Ihst which they hod given up. But ihe aerof 1838 goss further snd resloros lo them llio fight which hsd been surrendered. 'Hie question presented by the bill before you, then, may be treated as one of first impression, unembarrassed by sny legislation independent of the charters. But let us pause for a meiiunt,.and see how this theory has worked. Yon remember, sir, 1 offered s resolution some days since calling on the Auditor of State lo inform the Senate the amount of tax received on dividends of banks since 1835, whether Im lieddrawji on any bank in this Slate for the 20 percent, provided in the net of 1836; if it had not been Eiaid by such bank, whether any proceedings had been lad to enforce its collection; and what was the result. Thst resolution has not been answered, although the information sought bv it wss reouired to be furnished forthwith. I am told by the Senator from Monroe, (Mr. vvanon; aim ts was my piece to nave aitenuoa to tne mat ter and seciMiiat the resolution was not neglected. Sir, this is news to me. I had supposod that wlien a resolution ol enquiry was offered bv a Senator and adopted by Ihe Senatc,.it then became tlieir act, and that the olficer called aooutviMbnund lo.trc.mil respectfully and attend m it promptly. I have never before heard thai it waa the business of a membor of the Senate to dance attendance on the officer, the servant of the State, to see that he did his duty. I am not prepared to do so, if indeed Ihe dignity ol'iliis body has become so far prostrated by the establishment of such a. practice. The information, however, for some reason has not been furnished. I am, nevertheless, sirenabled to shew what I desired thisinformsiion for, without the aid of it. I desired to prove, sir, thnt tho pony who passed ihe act of 1830, fairly barked out from it in 1837. The Auditor of State, in pursuance of tho act of 183fl, did draw on certain banks that, had refused to surrender the right lo issue small notes for the M percent, tax provided by that act, and bisdrafia wmpmtctted. Thai officer brought tlie subject beforo tho Legislature, and it was referred to a com miltce of Ihe House of Representatives, of which Ihe gentleman from Monroe (Mr. Walton) was a member. That committee, by that gentleman, made a report and recommended that the Legislature recede from the law, and the Legislature did so, and on the 1st of April, 1837, adopted Ihe following resolution, vis: i Hctrikcd bi me General Jiuembly of Ihe State of Ohio, That the Auditorof State shall forthwith draw on the several-hanks of this Stste that bavenot vet paid the tax on their dividends, fur such sums as will be equal lo five per cenl. thereon, unless a rale of tax is named in their charier, snd in such esses when Ihe smount of lax is specified in tho charters, said Auditor is hereby suthorixed to drew for the amount due in accordance with such specification. Is this not backing out ?" Bub, sir, that there may be no mistake as lo the political: cliaracter of the General AsseniPiy mat adopted this resolution. I will inform gentlemen, that it ia authenticated by the signature of "William Medill, Speaker of the House of Representatives, snd Elijah Vance, Speaker of theSennte." Now, will you aak why the same political majority that made tho law, thus backed out from ir. Why, sir, Il sppesrs that tho oharter of the Commercial Bank of Cincinnati. provided that lhat bank should pay into the State Troa-sury a tax of 4 per qf st,a their dividends. The set of 1 iifi March, 1831, emitted "sn act lo tax Bonk. Insurance, and llridgo Cortiriaiileal" reouired the Auditor to draw on all tho baiits'ii, Stats for the amount of5 percent, on their etc,., ml" Under this Isw the Audi, lor drew on (h Pwifmereisl Bank in favor of the State TreoaatrVr n-WSbili',,The bank resisted it. Suit wss br.iu"':", and the Supreme Court decided: 1st. THwiu-V ii'bflthli'banii wss a contract. 9d. That the-fi" -t'.is smount of isx to lie paid. 3d. Tlsst i. - I osK so fsr as il imposed an additional tax waa unconstitutional, as il impaired '' "iMhot ihe additional 1 per cent, could jXienllrmcn will find this case in Till Reports. The gentleman from Monti in Ihe report referred to, whilst he n r for Ihe Legislature; and insists that (-;.. lf erred, nevertheless, sdvises that aa saw U at,-,s- jsiaejck ground, it would be useless to s4iwst sOvil.i- mtr-iuwiinf ,ths act of 183G. Thnt the bunks wouili'.vj lo resist il, where it would receiss i!w . . ,,etiun ss ths set referred 10 in the Commaai ia,: s. The Legislature adopt. cd the gcnllemau's advlsy said. passed the resolution just quoted. I commend gentlemen to the study of this history. This was the first act of this crusade against small notes. Yea sir, this very party ihst claim such omnipotent powers fur tho Legislature, snd fulminate such thunder occasionally sgainsl Ihe Court, having most valiantly marched up the hill to the charge against the banks snd their terrible small notes without fixing a bayonet or firing s shot, csine las "mil arms," snd marched most sensibly down tho hill again. Can ihey seo nothing In the catastrophe of aot 1st, which may give them siime idea of lhat which will befall act ihe 3d I What then is proposed by Ibis bill ? Thai a penally of $50 shall he imposed on any bank lhat shall issue s bill or note of less denomination than nvedollare, snd for the second offence, all injunction may issue to suspend all proceeding by the bank, until tho further order of Hit C'owri. . The question to be determined st the oulsel of the argument is, have the banks the right, by their charter, to issue these small notes. I answer, that with perhaps ons exception Ihst of the Ohio Insurance and Trust Conipnn)tlioy have. The act of 18 1 6, docs not, il is true, specify iho denomination of notes lhat the banks whose charters sre created, snd extended by that net, may issue; but the 33d section of lhat act provides that the bills, bonds, and notos of the ssid bsnks ahall be signed by tho President and countersigned by tho Cashier, and all such bills or notes as are made payable to any person or bearer, or bearer only, shall be negotiable by delivery, without endorsement, etc. Here, ihon.ia the righl lo issue notes or bills for circulation. At the time of tho passage of this set, the banks, whose charters were by 11 extended, were issuing notes of less denomination than Avo dollar. If the Legislature had designed lhat they should not enjoy tiita privilege, it was competent lor them lo have token it away. The set is silent on this point. Tho infereneo, then, is fairly deducible, thai such was not the intention of the Legislsiura. In ths bank eltartere granted in lt3l, tho right toitsuo these notes has been specifically given, until 1843, ss in Ihs case of 'the Bank of CirclcvilTe, which is authorised lo issue ones and threes. There can he no cavil on this point, The next question is, csn tho right lo pass this bill, limiting or restricting the bnnks lo sny particular denomin stion of issues.be clsimed by virtue of any reservation in any of the bank charters? I answer, no; there Is no such express reservation and il will not, I presume, be claimed. What, then, is ths power clsimed by this bill, and whencsis il derived?. It is nothing less Ihsn the right of ihs Legislsturc, without aid from any reservation io Ihe connect, to repeal a charter. 1 have, indesd, seen a lamo stlempt to cover the iniquity of the measure by ilia pretence tluu the act ienot a repual. but only nilrcttrain lug" of the chartered rights of the banks fur the "public good." Csn gentlemen point me lo Ihe difference in principle between rcttraininf under high penalties the exercise of a chartered right, not op account of any for' feitnrs or abuse, bo I on a suggestion of most doubtful expediency, and annulling the grant from which the right is dortvod f Tell me where this rsstraining power over the clearly and sxpresalv granted powers oi s cor poration begins, snd where il ends. Sir, it ends where it begins. In other words, if the righl exists st all, it has no limit. But the "puMie good" is lo bs the ruls lo govern its exercise. This is s most dangerous doctrine. Ths "public good" is ever the plea of those who dosire to usurp authority. It is the Hue and only correct principle on which legitimate eorufifufional legislation ran bs based. But when you leave the beaten path when yon tlcp out of the limits prescribed by the Constitution for legislates action beware how you "lay this flatter-in g unci ion Jo your soul." Ths "public nod" never can sanction the exentise of authority, which ihe publis will has not conferredthe public goodnevot oau sanc tify the perpetration of a private wrong. This is the aery virtue, ihs highest moral predicament of our theory of government. But let not gentlemen dodge the true question here. It is aqueetion of power of the power of annihilation. Gloze it as they may, to that complexion must it come at last. Let them, then, put away all subterfuge, snd come manfully op to the question st once. I know they hsve nerve lo face it, I will not suppose Ihey are ooverlly seeking to sccomplish whst ihey dare not now avow. I take issue with them, then, upon this greet question, snd I deny the right of the Legislature to lay hands upon one jot or tittle of power conferred by charter upon a private corporation, unless on the ground of forfeiture or abuse, and then only when the charter stipulates this righl. Sir, this legislative power of repeal I know is not s new doctrine in this country. It has found advocates of some note elsewhere, snd gentlemen, I eoncede, sre not without authority to sustain them. It is, I believe, one of the cnrdinal points of doctrine in the political creed of Fanny Wright, the modern "eenut of democracy." Yes sir, if it can fortify gentlemen in tneir faith, to know thnt this pure impursonstion of Radicalism, holds essentially the principle of power avowed in this bill, let them, in imagination, translate them-leivei to the Fark in New York. Let them imagine a great gathering of tfie "rabble rout," and in the midat, elevated above the heads of her admiring audience, stands their fair leader. True, ahe proclaims thai property is not for ths exclusive benefit of him who earns it t but ahould be mads common atock for the benefit of all. True, she talks of ths binding obligation of Ihe marriage contract aa a restriction upon natural freedom, and an worthy this enlightened sge. True, she sneers st the blessed truths of Revelation, and pronounces the Bible a humbug, invented lo further the ends of priestcraft. But be not shocked litten swhile snd you shsll hear her proclaim that the power of the Legislature knowe no limit but the "public good." That the idea of "vested rights" ia an absurdity. Thst corporate franchiaes are mere legal fictions, and may be taken away, whenever the supreme rule of action, "the public good," may require it. Thia worthy follower in the footsteps of her "illustrious predecessor," Jack (Jade, bas disciples elsewhere, in Pennsylvania, particularly, as worthy ss her self. I trust that ths soil of Ohio may never be polluted with Ihe foot of any apostle of this shame lo her sex. I regret, however, to find lhat one of her most cherished doctrines has found a resting place in the Senate of Ohio. The prineiple asserted by the advocates of the power of the Legislature lo repeal charters is, thsl one Lcgis isturs csnnot ooriuge tne powers ol s succeeding Legislature! and thst it is competent for sny succeeding Legislature to repeal sny law that a forinor Legislslure was competent to pass. Whst, we are ssked, becomes of the sovereign power to provide for Iho welfare of the people "the public good," if it is competent for a selof families agents to fasten upon the community, beyond alt right of removal, the power of an insolent corporationto set the public weal at defiance, and trample on the liberties of the people? We hear much declamation, now-a-days, snd there is no word upon which the changes are so bsppily rung aa this word "monopoy." Il is a sort of "raw head and bloody bones," which is continually held up to frighten full-grown children; especially ia pstriotic indignation excited to s high degree of the mercury at the bare mention of a "Bank Corporation." If you listen loono of these stereotyped harangues upon the enormous power snd influence of tiese "soulless moneved monsters," you might, if you would, become convinced thst this great Republic, its liberties, its property, its lows, were hound ana proiiralo under tho foot of this droad power this imperium in impcrio. On this topic, some gentlemen are great : set them going on this theme, and they will tear yon a passion to letters lo very rags. Bui, sir, when ws com down from the clouds, snd look at ths thing in its sober reality, and inquire, what is a bank corporation ? we find that it is not such a terrible affair. A bank is a mere trading associslion, not composed of sny particular elass, sect or parly. Ths rich, Ihoss in moderate circumstances, widows, the guardians of orphans and lunatics, are all indiscriminately associated. The stock of a bank is an article of trade; ell may buy it who have tho means f - . e :. 'i-l . . ' i . . . . ui psyiiia; iui it. i us aeswuisiiun ia most uemocratic in its organisation snd government. Il sets on Ihe true republican principle, by majorities. Its sgents are elected, and their powers, other than those defined by the charter, are regulated by by-lawa enacted by the majority of the members. Whst is there, then, that looka eo alarming lo liberty and where ia this overwhelming power of monopoly? Why, ssy gentlemen, they (ths Banka) have the exclusive power of issuing thoir paper credit, snd the people srs compelled to use it. Mr. Chairman, who were most loud, during Ihs psst eighteen months, in railing against the tickets issued by individuals and town corporations I Who denounced them ss the " Wh ig Currency!" Whst grosns were uttered over the prostrate condition of the country bv the official ormtn nf Uie democracy in this city, because the corporation of Circleville, ihe town in which 1 reside, hsd dored lo issue tickets lor change. 1 was held up ss a mark for the condemnation ol the people, because, as a member of Ihe Council of lhat town, l had, on the application of Iho merchants snd mechanics thero. assented lo il. I was styled a director of the "Circleville Shin-plaster Bank." 1. i I - .ot-:.u.. i i ., . ii uw uucu uiiitieuy announce!, ueie, tnis winter, inai measures are in preparation to punish those presumptu ous towns that had dona the like. Yon have had statute in full force since the year 1816, to prohibit the issuing snd putting in circulation of maulhoriMed bank paper and the 33d eection of your law regulating procee jt . i i i i i i uinss in ivuria, wnere oanaa ana oanaurs sre parliss, dcclarea that no action shall be brought on any note or uiii issueo anu inicnuea lor circulation ny any nana or banker, unlcu rueh bank or banker ihall be ineomaratal andauthoriiedby law to iuueiuch note or bill and such notes or bills so issued, without such authority, are lo he taken and held in all courts, ss uabiolutely mid." Gentlemen know of these lawa, and yet they will not repeal uiom uiey win prate atwut tne monopoly ol banks, snd in the same breath fulminate tha nmuiof the law against sny individual or town lhat darea lo en croach upon thai monopoly. But to return lo the question of ths power of repeal. Under our system of Government, power is sssigned, by distinct boundaries, to thrco departments the legislative, ihe executive, snd tha judicial. Ths sphere of ench is limited snd defined by written constitutions. Ths constitution of the United Stales, snd ths taws of Con gress made in conformity thereto, are ikslared to be tha supreme law of tho land, any thing ia the constitution or laws of any Stale to the contrary notwithstanding.. uj mo cuiisiuuuon oi uuio uio legislative authority is vested in a General Assembly, which ahall coiuial of Senate and Houso of Representatives. The judicisl power, both ss to mstters of Isw and equity, ia vaaled in a supreme court, courts of common pleas, justicoa of tha peace, anu in sum omer court as ins legislslurs may, lrn.n lim. Ia llm .l.ki;.l. A ..I U.. I. " ,.",,, nmu. u j wie 1 weniy-eiguin section of the seventh article, it is declared Ihst, to guard against the transgression of ths high powers which ar delegated, all powers not thereby dolegatcd remain with me people. . ,, In determining upon the exorcise of sny power, ws must look to the chsrter under which we act. It in our warrant of mllamry, and we may not act without the scope of Its authority In consulting that instrument, we find that our power il limited lo the exercise of lecit-latice functions. Ws way nut, therefore, olaim, without transoending our limits snd overstepping our jurisdiction, to set in sny other capacity. Whether ths Legislature will a-rant thssa franchises. and upon what conditions, is a mailer for them lo dolor- mine. J he right to lako away or annul ihs grant does not, howover, follow. By the terms of the grant, certain powers are conferred on lha corporators, in consideration of which Ihey stipulate to do certain thinn. Ths object of the gram, and that which constitutes ths con sideration, is a publio beneht. If ihore be sny sol which the corporation might do, which is deemed projudicisl, their power, in thai respect, may be limited, and a penalty, pecuniary or otherwise, may be affiled to it. Upon tha faith, llien, of the stipulations in the eharter, ihs grant is accepted, properly is acquired, and rights vested under it. If the Legislslurs may, whenever, in its opinion, tha " public good" requires il, suppress the corpo ration, annul iia powers, ana uissoive it, u is oy ins sxer cise, not af a legislativa power, but of mere force. This ia the doctrine ol the courts, both in England and in thia oountry. In England, all corporato franchises sre grants from Iho Crown but the King csnnot sunul the charter. Lord Mansfield denied the power of the Crown to take awny rights granted to CorporniionBi 3 Burrow's Rents., llUB. And in the case of tho King vs. Psssmoro, 3 Term. Kepts., 311, it is said, lhat onrporate franchises can only be forfeited by trial and judgment. Lord Coke ill his Institutes, 4G, speaking of ihs 39th chanter of magna eharta, says : "No man shall bs disseised, etc., unless it be by Iswful judgment, that is, s verdict of equals, or by Ihe Jaw of the land, that is (lo spesk it one fur all,) by the due course snd process of law." Il is true thsl, in England, Ihe right la repeal charters has been claimed by i'arliamenl. Ily tho theory of the British constitution, the power of Parliament is omnipotent but Ibis power of repeal, even there, is no clsimod ss legislative, but as an incident lo its uncontrolled authority. In the great debate on Mr. Fox's East India Kill, the righl to revoke Ihe powers of the East India Company wss plaoed on the ground, thai it was a publio political corporations, invested with part of Ihe municipal power of ths realm. The jurisdiction of the company extended to the government of a country comprising nearly 3110,000 square miles, with population of nearly 30,000,000 of souls. It waa contended that there was ' imperious Slate necessity for the revocation of powers which hsd been so grossly abased, and palpably forfeited, as to demand snd justify the set. I doubt whether a case csn be found where ths power has been exercised by Parliament, save on some of these grounds. Happily in this country, the supremo Isw, the constitution of the United States, tiss jraarded against itt-exercise; and ths Supreme Court of the United States have fearlessly sustained private righta against legislative encroachment, This fttlHtinn waa m3 .-1 kIm-.i. .!. .1 lu. L- - uu b.,u WI.HUUJ Kill.. J " Supreme Court of the United States, in the esse of Fletcher vs. Peck, 6 Cranch R-, 67 : hn that caso, the power lo annul a grant, made under are aet of the Legislature, was clsimed by the repeal of the law under which ths grant was made. In the year 1795, the Legislslure of Georgia passed sn set sppropristing certain territory, and providing for its disposition. Under the law, this land in controversy was conveyed to certain individuals. Being thnsinpos-' session of the legal estate, they conveyed to others. Afterwards, in 1796, because of certain undue influences, ' bribery and corruption, by which the pssssge of tha Isw of 1795 wss procured, the Legislslure passed sno-ther act, declaring null and void that of Ihe previous year, expunging it from the records of the Slats, and ss-: sorting the right of the State to the landa. Ths effect of mis repealing law upon the rights ot those who held under Ihe law repealed, waa fully discmsed and adjudged 1 upon by the conn. Chief Justice Marshall delivered the unanimous opinion of the court. He ssys : " Ths prin- ' cipte asserled i-s that ons Legislatnra is competent to re ' peel sny eel which a former Legislatnra waa competent ' to pass, and that ons Legislslure csnnot sbridgethe ' powers of succeeding Legislsiura. Ths correctness ' of this principle, so fsr ss respects general legislation, 1 csn never be controverted ; but if an act be done under a law, a succeeding Legislature cannot undo it." " When, ' then, a law is in the nature of a contract whenabsa--lute rights hsvo vested under that contract a repeal ' of Ihe law cannot diveit them of those rights: snd tne act snnuuing inom, ii legirrmare, nr reaoereo so oy ' a power applicable to the case s every individual in tha ' community." it may well o doubted, whether the ; nature of society snd of government does not prescribe ' some limits to the legislative power; snd if any be pre ' scribed, where are iney to be found, if the property ol sn individual, fairly snd honestly acquired, may be seised without compensstion?" Here, then, the proposition is fully met and adjudged.-And let me ask, hsve not the bsnks a property in tha righl to issue small notes? it is a part of their circulation: by their circulation they derive their profits. Ths Legislature have conferred it upon them by a solemn grant. If wa may deprive them of Ibis, ws may dis-1 franchise them and annul their charters t the power to do the one, necessarily Barries with it the power to do-the othor. Ad between individuals, ths Isw is settled : no one would question thai, in the absence of fraud, tha grant from one of property to the other msy not bs an-1 nulled, unless by mutual consent. Will we spply a ruls of justice for the government of contracts between onr ' citixens, which we will deny to contracts where ths Stste is a party? Is ths obligation to abide by a contract in good faith less binding on the Stale, thsn on Its citiiensf Where will such doctrine lesd us to? We hsve by Isw pledged ths faith of the State for the redemption of our foreign loans, on which we have raised millions to construct our works of inlernsl improve-' ment) we have irrevocably pledged tha revenues of those works to the payment of the interest. Will it he said, that it is competent for thie Legislature to repeal those laws, because ths " publio good" may, in tneir opinion, require that the people ehould be relieved from-ihe burden of a heavy tax? Go preach this doctrine in Wall street. Let il be there understood, ss ths settled opinion and determination of ths Legislsture of Ohio,1 snd whst, think you, would besoms of Ihe credit of ths State? Mr. Chairman, if there were no axpnsa eoastiratioaol prohibition lo the exercise of a power fraught with such mischievous eopsequences, good fsith, a principle which honest governments, as well aa honest men, ever acknowledge as ths rule of their conduct, would forbid a resort to it. But the fremers of tha constitution hsve not led as in uncertainty about iti in ths language of Judge Marshsll, in ths case of Fletcher vs. Peck, just re- terreo to, iney vieweo, wun some spprenension, tha violent sets which might grow out of the feelings of tha . J .1 -i - -C .1 j a " . moment; nu me people wi uie unuea otaieSyin adapting that instrument, have manifested a determination to shield themselves snd their property from tha effects of those audden and strong psssiona eo whteh. men arc ea-J gased. Tharsstristioasaa ths legislative powerrjf tha. tales are obviously founded in this sentiment i and tha-constitution af the United Slates eontaina what mav ho deemed a bill of rights for lha people of each Stater" it aeciares rnsi -no mate snail pass any hill of attainder, ex post facto law. or km impairing the cblirabian of contracts." Mr. Madison took a distinguished part in the deliberations of ths convention that framed ihe constitution of the United Slates, SBd exerted himself in recommending il to the people of the Steles for adoption. In the letters of Publiusv for the Federalist. No. 44.) commeMina. on this clsuss of ths constitution, be says; " Bills of attainder, ex post facto laws, snd Isws impairing Ihe obb gation ol contracts, sre contrary to me mat principles of the social compact and to svsry principle of sound legislation. Tha two former srs expressly prohibited by ths declarations prefixed lo some of ths Stale constitutions; snd sll of them aie prohibited by ths spirit sn i scops of thess fundamental charters. Our own experience has taught us, nevertheless, ihst additional fencea against these dangers ought not to bs omitted. Very properly. . therefore, nsva the convention added this constiiutionsi bulwsrk in fsvor of psrsoonl security and private rights) and I am much deceived, if ihey have not, in so. doing, as faithfully consulted tha genuine sentiments, as tha uailmtbied interests, of their constituents. Tha eobei people of America are weary of the fluctuating policy which haa directed the public councils they bavs seen., with regret snd with indignation, that sudden change and legislative interferences, in esses affecting personal i righta, become jobs in the hsnds of enterprising and influential speculators, and snares to the mote industrioaa and loss informed part of ths community! they hsve teen, too, thst ons legislstivs interference is but the link ' of a long chsin of repetitions, svery subsequent interts-n rence being nsturslly produced by the preceding.. Does not every man sea the force of this reasoning, . and the importance of suslsining ths position it takes. If it Is good lo protect ths enjoyment of any right of pro-petty, it ia equally so to protect aaorporata franchise., A corporate franchise, in plain languageviba right ot ths banka to issue smsll notes, is ss m ach property ss lend il is property, for which the bsnks have paid to the Stat a valuablo eonaidcratioa il is gixon snd secured to them by their eharter, that is, thsii patent i as good to Ihsm , for Ihst ss your pstsnt from tha Government is good to i you for ths Isnd it conveys. Both are protected by tha supreme law of the land. What is tha " Is w sf the land ?" i I answer, in the language al Uord, Coke, ("one for-all,") it ia tha due course am) process of Isw. If il b not so, whst is it? Is il svsry snsclmsnt which Iba , whim of ths Legislature may declare ? Do we hold life, . liberty, snd property by no fixed ruls ? If this bs so, ihs Isw of ths land rests alone in lha omnipotent decreaa ' of the Legislsture. W-hjr, may you not, if tha " public i good" require it, pass a bill of attainder? Because lha . constitution foibids.il, and because it would give lo Ihs-Legitlalurt power over the lives and fortunes of the citi-ten. WhymayyounoipassexjHMtaelolawa? Because ths constitution forbidsit, anu because it shacks our sense of justice thst sn act should be punished, which wae innocent snd legal at the lima il waa committed. ' Why may yon not repaalacharter? Because tha coneti.-lution declarea lhat yon shsll pass no law impairing tha obligation of contracts, sod becauae yoa must not ssisa ths property of an .individual, in. the fonuofalaw annul-ling ihs title by whioh he holds it. But it is said, ilut a charter is not a contract within ths meaning of the constiiutionsi prohibition. In order lo suslsin this position,, gentlemen must draw on their own powers for there is no Question better settled, on ihe highest judicial authotitykaowa to die law. There ia one tiass of chariots, over which I concede full powsr lo Ihe Legislature i.thsy are, such as crests "publio corporations." as towns, cities, snd the like. A corporation ia called " public" when it has for its objoct lbs government of some portion of tha Slate, and is endowed with municipal power, Tho power of ihe Legislsiura over this description of corporations, lo alter, or amend, or repeal, without any reservation of lha right in tha charier, is s necessary incident, as a part of the political power of Ihh Stato is delegated ;.and it ia essenlitl lo th good order of society thst its exercise should be subject to revision and correction. If, for example, aa has been, the caae,inlhaactincorioralingalown, power hasbeeai conferred upon the town authorities to grant licenses to. retailors of spirituous liquors, should the Legialaiura subsequently believe thsl the welfare and morals of tha people are injured by the existence of grog-shops, the msy annul the authority to lioonse them, tmk take ft away. And this, though tha citixens if lhat Iowa ahould unanimously rcinonstralo atpwet it, Hera an no vceisd rights of property in the ppjuers or franchises given to the town. The oheuesi. wanted for a general purpose, of mora elTeotHslly providing for Ihs gov em meul of email local oomjivinjuea in thoir public charao ter. The paving of alrcem and aide-walks, providing for ths safety, helih, end cleanliness of ths particular community, requires, the delegation of municipal power w